Orascom Development Holding AG — Board/Management Information 2012

Oct 4, 2012

News Details

Ad-hoc | 4 October 2012 07:00

Orascom Development Holding AG: Resolutions of the recent Board of Directors meeting

Orascom Development Holding AG / Key word(s): Miscellaneous04.10.2012 07:00

Release of an ad hoc announcement pursuant to Art. 53 KR

Press Release

Resolutions of the recent Board of Directors meeting

The Board of Directors of Orascom Development yesterday approved the
listing reactivation and public offering of up to 10% of its Egyptian
subsidiary Orascom Hotels & Development (OHD). ODH, a town developer,
controls a land bank of more than 50 million square meters and owns 24
hotels with 5,929 rooms. Furthermore, the Board appointed Aly Elhitamy
(71), currently Managing Director Egypt, as member of the Executive
Management team. Abdalla El Nockrashy will resign as Chief Real Estate
Officer, effective 30 November 2012.

OHD: Listing reactivation and public offering of up to 10%

Altdorf/Cairo, 4 October 2012 - The Board of Directors of Orascom
Development Holding AG (Orascom Development) yesterday approved the public
offering of up to 10% of the share capital of its Egyptian subsidiary
Orascom Hotels & Development (OHD). OHD is a 99.68% subsidiary of Orascom
Development, as well as an Egyptian town developer which controls a land
bank of more than 50 million square meters and which owns 24 hotels with
5,929 rooms.

The reactivation of OHD shares revises an earlier decision to voluntarily
delist OHD from the Egyptian Stock Exchange (EGX). Orascom Development
expects to launch the public offering by mid November 2012, subject to
final approval from the Egyptian Financial Supervisory Authority (EFSA) and
other Egyptian regulatory authorities. The offering is envisaged to take
place in two tranches over a time period of three months. Reactivating
OHD's shares on the Egyptian Stock Exchange also allows to fulfill an EGX
listing requirement to maintain a free-float of at least 5% of total share
capital.

Orascom Development's chairman Samih O. Sawiris stated: 'Against the
background of the recent economic and political changes in addition to the
regained investor confidence in the Egyptian capital markets in general as
well as the real estate and tourism sectors in particular, the Board has
decided to reactivate the listing of its Egyptian subsidiary OHD.'

OHD 's Board of Directors decided to call for an Extraordinary General
Meeting (EGM) on 8 October 2012 in order to revise an earlier decision to
voluntarily delist OHD from the Egyptian Stock Exchange and to assign an
independent financial valuator to value OHD. After reviewing the report
presented by the independent financial valuator, Orascom Development will
determine the offering price prior to launch.
Changes in the Management team

Furthermore, the Board of Directors of Orascom Development appointed Aly
Elhitamy (71) as new member of the Executive Management team responsible
for Egypt.

Aly Elhitamy is Orascom Development's Managing Director Egypt and chairman
of OHD. Prior to that he headed Orascom Development's construction segment
in the Middle East and North Africa for four years. For the past three
decades, Mr. Elhitamy held top managerial positions in major construction
and real estate companies dealing with local and international projects. He
transformed many formerly nationally owned Egyptian companies into well
structured and efficient private corporations. In addition to his
engineering degree from Cairo University he is a licensed consultant
engineer from the Egyptian Syndicate of Engineers in the field of civil
engineering since 1986.

'Aly Elhitamy brings with him the experience and continuity that is needed
in the real estate and construction business. He is also a well recognized
manager with a strong regional network', said Gerhard Niesslein, CEO of
Orascom Development.

Orascom Development also announces that Abdalla El Nockrashy will resign
from his role as Chief Real Estate Officer, effective 30 November 2012, to
pursue other career opportunities. Abdalla El Nockrashy is part of Orascom
Development's senior management team, although not member of the Executive
Management team.

Orascom Development's current Executive Management team

Name Position Nationa- Age Year of
lity entry
Gerhard Chief Executive Officer Austrian 59 2011
Niesslein
Ahmed El Shamy Chief Financial Officer Egyptian 41 2012
Raymond Cron Chief Operating Officer Swiss 53 2008
Aly Elhitamy Managing Director Egypt Egyptian 71 2008
Julien Renaud- Chief Development Officer French 44 2006
Perret
Hamza Selim Chief Destination Management Egyptian 51 2005
Officer
Mahmoud Zuaiter Chief Executive Officer IHH German 45 2004
*

* International Hotel Holding (IHH) is a subsidiary of Orascom Development
that encompasses the hotels of the Group.

About Orascom Development Holding AG

Orascom Development 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 nine
jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro,
United Kingdom and Romania), with primary focus on touristic destinations
and budget housing. The Group currently operates six destinations; three in
Egypt El Gouna, Taba Heights and Haram City, The Cove in United Arab
Emirates and Jebel Sifah and Salalah Beach in Oman. Orascom Development has
a dual listing, with a primary listing on the SIX Swiss Exchange and a
secondary listing on the EGX Egyptian Exchange.

Disclaimer & Cautionary Statement

The information contained in this e-mail, its attachment and in any link to
our website indicated herein is not for use within any country or
jurisdiction or by any persons where such use would constitute a violation
of law. If this applies to you, you are not authorized to access or use any
such information. Certain statements in this e-mail and the attached news
release may be forward-looking statements, including, but not limited to,
statements that are predications of or indicate future events, trends,
plans or objectives. Forward-looking statements include statements
regarding our targeted profit improvement, return on equity targets,
expense reductions, pricing conditions, dividend policy and underwriting
claims improvements. Undue reliance should not be placed on such statements
because, by their nature, they are subject to known and unknown risks and
uncertainties and can be affected by other factors that could cause actual
results and Orascom Development Holding AG's plans and objectives to differ
materially from those expressed or implied in the forward looking
statements (or from past results). Factors such as (i) general economic
conditions and competitive factors, particularly in our key markets; (ii)
performance of financial markets; (iii) levels of interest rates and
currency exchange rates; and (vii) changes in laws and regulations and in
the policies of regulators may have a direct bearing on Orascom Development
Holding AG's results of operations and on whether Orascom Development
Holding AG will achieve its targets. Orascom Development Holding AG
undertakes no obligation to publicly update or revise any of these
forward-looking statements, whether to reflect new information, future
events or circumstances or otherwise. It should further be noted, that past
performance is not a guide to future performance. Please also note that
interim results are not necessarily indicative of the full-year results.
Persons requiring advice should consult an independent adviser.

Contact:

Investor Relations
Till Leisner +41 41 874 88 07
Sara El Gawahergy +2 01 205 20 52 18
ir@orascomdh.com

Media Relations
Philippe Blangey +41 43 268 32 35
media@orascomdh.com

04.10.2012 News transmitted by EquityStory AG.
The issuer is responsible for the contents of the release.

EquityStory publishes regulatory releases, media releases on the capital
market and press releases.
The EquityStory Group distributes authentic and real-time financial news
for over 1'300 listed companies.
The Swiss news archive can be found at www.equitystory.ch/news

---

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
Swiss Security Number: A0NJ37
Listed: SIX

End of Announcement EquityStory News-Service

---