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Orascom Development Holding AG — AGM Information 2009
May 4, 2009
946_rns_2009-05-04_89e2305a-ba59-4606-9899-ea77dea10c53.html
AGM Information
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News Details
Ad-hoc | 4 May 2009 18:09
Orascom Development: All Board proposals approved by the Annual General Meeting
Orascom Development Holding AG / AGM/EGM
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
Press Release
All Board proposals approved by the Annual General Meeting
Altdorf/Cairo, 4 May 2009 - Today, 274 shareholders of Orascom Development
Holding AG (Orascom Development) attended the 1st Annual General Meeting,
representing 64.7%of the share capital. The shareholders approved the 2008
annual report, the annual accounts and the consolidated financial
statements as well as the appropriation of results. The Annual General
meeting authorized a CHF 0.50 per share reduction in the nominal value of
the registered shares to be paid out to shareholders. Discharge was granted
to all members of the Board of Directors and corporate executive
management. Shareholders re-elected all members of the Board of Directors
for a further term of one year. The creation of Egyptian Depository
Receipts and their listing on the Egyptian Stock Exchange (EGX) was also
approved.
Information and Explaination of the Issuer to this News:
About the Group
Established in 1989, Orascom Hotels and Development S.A.E. ('OHD') today is
a leading integrated town developer in Egypt and the Middle East with
almost 20 years of experience. OHD is a developer of fully integrated towns
that include hotels, private villas and apartments, leisure facilities such
as golf courses and marinas as well the supporting infrastructure. It has
secured or is in the course of securing large land banks in untapped yet
attractive locations with development potential in Egypt, Morocco, Oman,
the United Arab Emirates and Switzerland. The high quality portfolio
combined with a proven business model is expected to result in long-term
growth opportunities. Currently, OHD operates two successful flagship
towns, El Gouna and Taba Heights (both in Egypt), has secured, subject to
certain conditions, or is about to secure, land banks of approximately 127
million square meters and has a workforce of approximately 18,000 staff.
Since the settlement of the exchange and tender offer by Orascom
Development for OHD, Orascom Development is 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 the EGX
(Egypt Stock Exchange). The company's shares are fully fungible (with the
same ISIN code) and can be traded on both stock exchanges in Swiss Francs.
Orascom Development
Mamdouh Abdel Wahab
Director Investor Relations
Tel: +41 79 846 55 60
+20 12 315 32 00
Email: [email protected]
Swiss Media Office
Philippe Blangey
Tel: +41 41 874 17 11
Email: [email protected]
04.05.2009 Financial News transmitted by DGAP
Language: English
Issuer: Orascom Development Holding AG
Gotthardstraße 12
6460 Altdorf
Schweiz
Phone: +41 41 874 17 11
Fax: +41 41 874 17 12
E-mail: [email protected]
Internet: www.orascomdh.com
ISIN: CH0038285679
WKN: A0NJ37
Listed: Foreign Exchange(s) SWX
End of News DGAP News-Service