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Orascom Development Holding AG — M&A Activity 2009
Oct 23, 2009
946_rns_2009-10-23_9739860a-0f7e-40c1-b0b2-e3b249649164.html
M&A Activity
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Ad-hoc | 23 October 2009 17:45
Orascom Development enters into an agreement with the Government of Montenegro
Orascom Development Holding AG / Acquisition
23.10.2009
Dissemination of a Adhoc News, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
Press Release
Orascom Development enters into an agreement with the Government of
Montenegro to acquire 90% stake in Lustica Development AD Podgorica, to
develop a total area of 6.8 million square meters in Tivat, Montenegro,
marking its third integrated development project in Europe and its first
project on the Adriatic Sea.
Altdorf/Cairo, 23 October 2009 - Orascom Development Holding AG (Orascom
Development) announces its plans to develop an integrated destination
covering a total area of 6.8 million square meters in Lustica, in the
municipality of Tivat on the Mediterranean's Traste Bay. Orascom
Development will retain a majority stake of 90% in Lustica Development AD
Podgorica while the Government of Montenegro will hold the balance.
The project is planned to offer 2,350 residential units, several hotels, a
town centre, a marina on the Adriatic Sea, an 18 hole golf course,
commercial facilities as well as basic infrastructure requirements. The
first phase of the project includes a hotel, town centre, golf course, and
the main mooring area. The first phase is expected to be operational within
five years.
This project is a further capitalization on Orascom Development's
integrated development model, under which fully fledged towns offering
hotels, residential units, leisure facilities such as town centers, golf
courses and other community amenities are developed. This latest addition
expands the group's portfolio to approximately 141 million square meters
spreading over 9 countries.
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 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.
Today, Orascom Development operates in eight jurisdictions (Switzerland,
United Kingdom, Egypt, Oman, Morocco, UAE, Mauritius, 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: [email protected]
Swiss Media Office
Philippe Blangey
Tel: +41 41 874 17 11
Email: [email protected]
23.10.2009 Financial News transmitted by DGAP
Language: English
Company: 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