Adhoc News
DGAP-Adhoc: Orascom Development Holding AG:
Orascom Development Holding AG / Product Launch
25.03.2010 17:36
Dissemination of a Adhoc News, transmitted by
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The issuer is solely responsible for the content of this announcement.
Press Release
Orascom Development earmarks 2.5 million square meters in Romania, to
develop its first affordable housing project outside Egypt, and its fourth
integrated development in Europe.
Altdorf/Cairo, 25 March 2010 - Orascom Development Holding AG (Orascom
Development) announces its plans to develop an affordable housing project
in Constanta, one of Romania's major cities. The project area will
initially cover a total area of 2.5 million square meters located only 11
km away from Constanta city center. Orascom Development will retain a
majority stake of 70% of the project.
The project is planned to offer a total of 33,000 units to be developed
over three phases, with each phase offering approximately 11,000 units. The
first phase is expected to be operational within five years.
This project is a further capitalization on Orascom Development's flagship
budget housing project in Egypt, namely Haram City. Orascom Development's
integrated development model has proven to be successful for both upscale
and affordable housing. This latest addition expands the group's portfolio
to approximately 143.5 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 nine jurisdictions, with primary focus on touristic towns and
recently affordable housing.
Orascom Touristic Establishments (OTE) was established in 1989 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 (ISIN: CH0038285679) and a secondary listing on the EGX Egyptian
Exchange (ISIN: EGG676K1D011). In December 2009, the Group modified its
secondary listing on the EGX. While the Group's shares had previously been
trading on both the SIX and the EGX in Swiss Francs, Orascom Development at
that time procured the issuance and listing of Egyptian Depositary Receipts
(EDRs; each EDR representing 1/20 of the Group's share) which are currently
trading on the EGX in Egyptian pounds. The objective of this modification
is to improve trading and liquidity on the EGX.
Today, Orascom Development operates in nine jurisdictions (Egypt, Jordan,
UAE, Oman, Switzerland, Morocco, United Kingdom, Montenegro, and Romania)
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
25.03.2010 17:36 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) SIX
End of News DGAP News-Service
