Orascom Development Holding AG - Regulatory Filings 2016

News Details

Ad-hoc | 17 October 2016 07:00

Orascom Development Holding AG: signs a three years’ rental agreement for EUR 3.3 million per annum with FTI Group for 3 hotels in Makadi through its Egyptian subsidiaries.

EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous

2016-10-17 / 07:00

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

Press Release

Orascom Development Holding signs a three years’ rental agreement for EUR 3.3 million per annum with FTI Group for 3 hotels in Makadi through its Egyptian subsidiaries.

Cairo, 17 October 2016 – Orascom Development Holding is pleased to announce the signing of a 3 years’ rental agreement through its Egyptian subsidiaries with FTI Group, for three of its hotels in Makadi.

FTI is the fourth largest tour operator in Germany with over 5.3 million Passengers (PAX) and consolidated revenues of EUR 2.6 BN in FY14/15. The company employs over 6,000 staff worldwide and offers a wide range of services associated with holiday and travel.

Royal Azur (491 rooms), Club Azur (339 rooms), and Makadi Gardens (281 rooms), will be rented for a total amount of EUR 3.3 million per annum and subject to an annual increase of 5%. It is worth noting that two of those hotels were shut down since December 2015 as a result of the travel bans imposed by the Russian authority.

The agreement’s start date is set on the 1 st of November 2016. Rental payments are scheduled quarterly in equal instalments.

About Orascom Development Holding

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

Contact for Investors:

Sara El Gawahergy

Head of Investor Relations

Tel: +202 246 18961

Tel: +41 418 74 17 11

Email: [email protected]

Contact for Media Relations:

Philippe Blangey

Partner

Dynamics Group AG

Tel: +41 432 68 32 35

Email: [email protected]

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 Hotels and Development’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 Hotels and Development’s results of operations and on whether Orascom Hotels and Development will achieve its targets. Orascom Hotels and Development 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.

End of ad hoc announcement


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:	[email protected]
Internet:	www.orascomdh.com
ISIN:	CH0038285679
Valor:	A0NJ37
Listed:	SIX Swiss Exchange