Orascom Development Holding AG / Miscellaneous
02.12.2009
Dissemination of a Adhoc News, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Press Release
Orascom Development rectifies its secondary listing on The Egyptian
Exchange (EGX) by issuing Egyptian Depository Receipts (EDRs) to be traded
in Egyptian pounds to replace the equity shares currently traded in Swiss
Francs on the EGX, to create more liquidity and recover its daily turnover
on the EGX.
Altdorf/Cairo, 2 December 2009 - Orascom Development Holding AG (Orascom
Development) is in the process of modifying its secondary listing on The
Egyptian Stock Exchange (EGX), currently being equity shares traded in
Swiss Francs by issuing Egyptian Depository Receipts (EDRs), which will be
traded in Egyptian pounds and will replace the existing equity shares on
the EGX. The conversion ratio will be 1:20, whereby each equity share will
be converted into 20 EDRs.
Trading of the EDRs is expected to commence on 13th December 2009. The EGX
will suspend trading of the existing equity shares as of 3rd December 2009.
It should be highlighted that modifications in the secondary listing has no
impact on the number of outstanding shares nor to the Group's primary
listing on the SIX Swiss Exchange, which will remain as equity shares
traded in Swiss Francs.
Orascom Development decided to modify its secondary listing on the EGX in
order to improve its daily turnover on the EGX.
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Information and Explaination of the Issuer to this News:
About the Group
Orascom Development Holding AG (Orascom Development) is a leading developer
of fully integrated towns that include hotels, private villas and
apartments, leisure facilities such as golf courses, marinas and supporting
infrastructure. Orascom Development's diversified portfolio of projects is
spread over eight jurisdictions, with primary focus on touristic towns and
recently affordable housing.
Orascom Touristic Establishments (OTE) was established in1989 setting the
first step in building the Group's track record in the development of
integrated towns. After some name changes and reorganization, the main
business was held under Orascom Hotels & Development (OHD). Since the
settlement of the public exchange offer by Orascom Development for OHD,
Orascom Development became the new parent of OHD. Orascom Development has a
dual listing, with a primary listing on the main board of the SIX Swiss
Exchange (Switzerland) and a secondary listing on EGX (The Egyptian
Exchange).
Today, Orascom Development operates in eight jurisdictions (Switzerland,
United Kingdom, Egypt, Oman, Morocco, UAE, Montenegro, Jordan) and is
continuously seeking development opportunities in untapped yet attractive
locations all over the world. The Group has four existing projects: El
Gouna, the flagship project, a fully-fledged town on the Red Sea coast
(Egypt). Taba Heights, on the Sinai Peninsula (Egypt), is the Group's
second tourism destination following El Gouna's business model. The Cove
(Ras Al Khaimah, UAE) is the Group's first development experience outside
Egypt. Haram City, an integrated town dedicated to affordable housing in
Egypt, catering for the mass population.
For further information, please contact:
Orascom Development Holding AG
Mamdouh Abdel Wahab
Director Investor Relations
Tel: +41 79 846 55 60
+20 12 315 32 00
Email: ir@orascomdh.com
Swiss Media Office
Philippe Blangey
Tel: +41 41 874 17 11
Email: media@orascomdh.com
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Language: English
Company: Orascom Development Holding AG
GotthardstraÃe 12
6460 Altdorf
Schweiz
Phone: +41 41 874 17 11
Fax: +41 41 874 17 12
E-mail: ir@orascomdh.com
Internet: www.orascomdh.com
ISIN: CH0038285679
WKN: A0NJ37
Listed: Foreign Exchange(s) SWX
End of News DGAP News-Service
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DGAP-Adhoc: Orascom Development rectifies its secondary listing on The Egyptian Exchange (EGX)
| Source: EQS Group AG