TMCnet News
DGAP-Adhoc: Orascom Development Holding AG: Annual General Meeting approves all Board of Directors proposals(DGAP Ad Hoc Disclosures Via Acquire Media NewsEdge) Orascom Development Holding AG / Key word(s): AGM/EGM/AGM/EGM 13.05.2014 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Press Release Annual General Meeting approves all Board of Directors proposals Altdorf/Cairo, 13 May 2014 - The sixth Annual General Meeting of Orascom Development Holding AG (Orascom Development) was held yesterday in Altdorf, Switzerland. In total, 296 shareholders took part in the meeting, representing 62.14% of total share capital. All proposals put forward by the Board of Directors were approved by a clear majority. This also includes the proposed changes to the articles of incorporation relating to the Ordinance against Excessive Compensation in listed stock corporations as well as the proposed creation of authorized capital. All members of the Board of Directors (with the exception of Jean-Gabriel Pérès) stood for re-election and were confirmed in their office for a further year. In addition, Jürgen Fischer and Jürg Weber were elected as new members of the Board of Directors for a one year period. Furthermore, there will be no dividend payment for the financial year 2013. After the very challenging financial year 2013, the management of Orascom Development expects no further losses for the first quarter of 2014. About Orascom Development Holding AG 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 primary focus on touristic destinations and budget housing. The Group currently operates eight destinations; four in Egypt El Gouna, Taba Heights, Haram City 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. Investor Relations Contacts Sara El-Gawahergy Investor Relations Director Tel: +20 22 461 89 61 Tel: +41 41 874 17 11 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 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. 13.05.2014 News transmitted by EQS Schweiz AG. The issuer is responsible for the contents of the release. EQS publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- 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 End of Announcement EQS Group News-Service --------------------------------------------------------------------------- |