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DGAP-News: Orascom Development Holding AG: Official signing for Eco-Bos joint venture agreement
Orascom Development Holding AG / Contract
20.05.2010 17:36
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Press Release
Official signing for Eco-Bos joint venture agreement
Altdorf/Cairo/St Austell, 20 May 2010 - An important milestone was
concluded in the progress of Mid-Cornwall's Eco-town today when Orascom
Development Holding AG (Orascom Development) and Imerys Minerals officially
signed the final formal agreements to establish the company which will
deliver one of Europe's most sustainable new communities. Orascom
Development will retain a majority stake of 75% in this new company working
together with Imerys (25%). The Eden Project will be an additional partner
contributing with its experience in sustainability.
Samih Sawiris, Chairman and CEO of Orascom Development, and Gerard
Buffiere, Chief Executive of Imerys SA, formally signed the agreement which
establishes Eco-Bos as the joint venture company to take forward the
development. The signing ceremony took place at the new Eco-Bos offices
based at the Brunel Business Park, in St Austell.
The Eco-Bos plan involves the re-development of six former china clay
mining sites owned by Imerys across the mid-Cornwall china clay area.
The integrated and sustainable development is planned to offer more than
5,500 homes, a range of commercial developments aimed at job creation in
the region as well as leisure and recreational facilities (a hotel and
marina), sustainable transport infrastructure and up to 500 hectares of
green space. When complete, these plans will create a pioneering, low
carbon, sustainable location to live, work and visit as well as bringing
significant improvements to facilities and quality of life for existing
local communities.
Significant work has already been undertaken as part of the planning and
public consultation process and, subject to planning approvals, the pilot
phase of the project is expected to commence during the first half of 2011.
A new Managing Director has also been appointed to lead Eco-Bos. Alex
Yule-Smith is a highly experienced senior manager with a proven track
record in company and project management across the banking and
international equity finance sectors. He joins Eco-Bos from J.P. Morgan
Cazenove, where he was a Managing Director in Equity Capital Markets.
Samih Sawiris said: 'Orascom Development is delighted to have completed the
signing of the joint venture agreement with Imerys and we look forward to
continuing to work together on this incredible opportunity to deliver a
truly special town development. At Orascom Development we are committed to
the positive transformation of Mid-Cornwall and to working with the
community to maximise the economic, social and environmental benefits this
will bring.'
Gerard Buffiere said: 'Imerys takes very seriously its role as a major
industry and employer in Mid-Cornwall and as a socially responsible company
we are equally committed to being involved in the sustainable regeneration
of land previously used for china clay production. We are delighted to have
such an experienced town developer and operator as Orascom Development as
our partner in this project and to also have Eden's expertise in
sustainability and environmental development. We look forward to working
with them and the local community over the coming years as these exciting
proposals come to fruition.'
The Eco-Bos project is a further capitalisation on Orascom Development's
integrated development model, under which fully fledged towns offering
homes, employment, leisure facilities, community developments such as town
centres and other key social and healthcare amenities are provided.
The Eco-Bos project is one of only four schemes nationally to be awarded
Eco-town status by the Government. It is focused on six former industrial
china clay mining and processing sites owned by Imerys at West Carclaze,
Baal, Par Docks, Goonbarrow, Blackpool and Nanpean/Drinnick.
The Eco-Bos name for the joint venture company takes its identity from Eco,
representing the commitment to sustainability throughout the project, and
Bos, from the Celtic or Cornish word for home.
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
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.
About Imerys Minerals
Imerys, a publicly traded company with a primary listing on Euronext Paris,
is a world leader in mining and processing industrial minerals, operating
in 240 locations across 47 countries and employing approximately 14500
people.
Imerys is a significant private sector company in Cornwall, employing
approximately 1,000 people and making a major contribution to the Cornish
economy in terms of salaries, wages, rents, commodity purchases and hired
in services and remains committed to its ongoing China Clay operations in
Mid-Cornwall.
The company pioneered the Eco-town initiative to breathe new life into the
industrial land, which was no longer required for operational purposes.
www.imerys.com
The Eden Project
The Eden Project, which is located in a former clay pit at Bodelva, near
St. Austell, is an educational charity, a world class visitor attraction, a
botanical garden and a unique regeneration venture
The Eden Project will provide invaluable experience to assist the delivery
of genuinely sustainable communities and help in working up detailed
schemes.
www.edenproject.com
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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.
20.05.2010 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
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