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Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Ad hoc announcement pursuant to Art. 53 LR. Orascom Development Holding (ODH) announces the sale of a land plot in its flagship destination, El Gouna, for CHF 33 million. Altdorf, 12 November 2024—Orascom Development Holding (ODH) is pleased to announce that its largest subsidiary in Egypt, Orascom Development Egypt (ODE), has sold 110,000 sqm of land at El Gouna to an Egyptian developer “Hassan Allam Properties” for a total value of approximately CHF 33 million, to be paid over five-year installments. Omar El Hamamsy, Group CEO of Orascom Development, said: "This transaction will positively strengthen the company’s financial statements moving forward. The land sales we are executing with other sub-developers are aligned with our strategic objective of providing our destination clients with a diverse range of products. We are committed to actively seeking additional opportunities of this nature in the future to create more value for our shareholders, clients, and partners."
Orascom Development Holding (ODH) is a leading developer of fully integrated towns, including hotels, private villas, apartments, leisure facilities such as golf courses, marinas, and supporting infrastructure. Orascom Development Holding’s diversified portfolio is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom). The group currently operates ten destinations: five in Egypt (El Gouna, Taba Heights, Makadi Heights, O-West, and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and West Carclaze Garden Village in the United Kingdom. The shares of ODH are listed on the SIX Swiss Exchange. For more information, please visit https://www.orascomdh.com/.
Contact for Investors: Ahmed Abou El Ella Director of Investor Relations Tel: +20 224 61 89 61 Mobile: +20 122129 5555 Email: ir@orascomdh.com
Disclaimer This press release may contain forward-looking statements based on current assumptions and forecasts of ODH management. Known and unknown risks, uncertainties, and other factors could lead to material differences between any forward-looking statements made here and the actual development, particularly ODH’s results, financial situation, and performance. ODH accepts no responsibility for updating or adapting forward-looking statements to future events or developments.
End of Inside Information |
| 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: | ir@orascomdh.com |
| Internet: | www.orascomdh.com |
| ISIN: | CH0038285679 |
| Valor: | A0NJ37 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 2027403 |
| End of Announcement | EQS News Service |
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2027403 12-Nov-2024 CET/CEST
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