EQS-Adhoc: Orascom Development Holding AG: Free float in the Egyptian subsidiary Orascom Development Egypt increased through sale of shares to strategic investors.
Press ReleaseFree float in the Egyptian subsidiary Orascom Development Egypt (ODE) increased through sale of shares to strategic investors.
Altdorf, April 16, 2018 - Orascom Development Holding (ODH) is pleased to announce that in line with the Group's strategy of enhancing its balance sheet and increasing the liquidity of the stock of its listed Egyptian subsidiary Orascom Development Egypt (ODE), ODH has successfully sold c. 18.2 million shares of ODE to a set of strategic investors through an accelerated book building process. The sale was executed on April 15, 2018.
The proceeds of the sale of c. CHF 33.3 million will be used to finance the Group's expansion plans in Oman and Montenegro for the year, further diversifying the revenue contribution coming from our different destinations.
CEO Khaled Bichara commented: "We are continuing to execute on our three-pillar strategy and this sale comes in line with our second pillar "strengthening our balance sheet" and in parallel increases the liquidity of ODE's stock. As previously communicated, this stake sale together with the 2.0% ESOP program that ODE will implement during 2018, will thus reduce ODH's stake in ODE to 74.59% allowing us to reach our 25% target free float goal for ODE.
The successful execution of both transactions concludes the plans of ODH's board regarding the reduction of ODH's stake in ODE and there are no plans for a further sell-down in the foreseeable future."
About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of destinations is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates ten destinations; five in Egypt (El Gouna, Taba Heights, Fayoum Makadi, and Harram City), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Lu?tica Bay in Montenegro and Andermatt in Switzerland. The shares of Orascom Development Holding (ODH) are listed on the SIX Swiss Exchange.
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End of ad hoc announcement Language: English Company: Orascom Development Holding AG Gotthardstraße 12 6460 Altdorf
Switzerland Phone: +41 41 874 17 17 Fax: +41 41 874 17 07 E-mail: email@example.com Internet: www.orascomdh.com ISIN: CH0038285679 Valor: A0NJ37 Listed: SIX Swiss Exchange End of Announcement EQS Group News Service
674607 16-Apr-2018 CET/CEST