Adhoc News
DGAP-Adhoc: Orascom Development announces that there is a dispute regarding the completion of the procedures for the registration of title for its ownership of the shares of Falcon for Hotels.
Orascom Development Holding AG / Legal Matter
18.01.2010
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 announces that there is a dispute regarding the
completion of the procedures for the registration of title for its
ownership of the shares of Falcon for Hotels.
Altdorf/Cairo, 18 January 2010 - Orascom Development Holding AG (Orascom
Development) announces that there is a dispute regarding the completion of
the procedures for the registration of title for its ownership of the
shares of Falcon for Hotels S.A.E., for which the Group has entered into a
Share Purchase Agreement (SPA) through one of its affiliated companies in
2008 with the full purchase price having been paid to the seller.
The Group completed the construction and furnishing of Citadel Azur, the
only hotel owned by Falcon for Hotels at its expense, which enabled it to
open the hotel for operation during 2008. and the said hotel has been
managed since then by a specialized company in hotel management.
Orascom Development and its advisors believe that the counter party has no
valid legal claim and the Group is currently pursuing legal proceedings to
protect its legitimate rights.
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: ir@orascomdh.com
Swiss Media Office
Philippe Blangey
Tel: +41 41 874 17 11
Email: media@orascomdh.com
18.01.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at www.dgap-medientreff.de and www.dgap.de
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: ir@orascomdh.com
Internet: www.orascomdh.com
ISIN: CH0038285679
WKN: A0NJ37
Listed: Foreign Exchange(s) SWX
End of News DGAP News-Service
