Orascom Development Holding AG (ODH) has successfully completed the sale of its Egyptian Hotel 'Citadel Azur Hotel' for an Enterprise Value of USD 50.0 million as part of the Group's strategy to monetize its non-core assets. Donnerstag, 03. Mai 2018 - 07:00

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG (ODH) has successfully completed the sale of
its Egyptian Hotel 'Citadel Azur Hotel' for an Enterprise Value of USD 50.0
million as part of the Group's strategy to monetize its non-core assets.

03-May-2018 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

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Press Release

Orascom Development Holding AG (ODH) has successfully completed the sale of
its Egyptian Hotel "Citadel Azur Hotel" for an Enterprise Value of USD 50.0
million as part of the Group's strategy to monetize its non-core assets.


Altdorf, May 3, 2018 - In line with the Group's strategy of enhancing its
balance sheet, Orascom Development Holding AG (ODH) is pleased to announce
the sale of its 100% stake in its 514 rooms hotel "Citadel Azur" located in
Sahl Hashish, Egypt, to "Pickalbatros Group" (the buyer) for an enterprise
value (EV) of USD 50.0 million.


The sale will result in cash proceeds of USD 32.0 million and the
deconsolidation of USD 18.0 million of debt. Proceeds of the sale will be
used to fund ODH's expansion plans in its destinations outside of Egypt.


CEO Khaled Bichara commented: "I am pleased to announce the conclusion of
Citadel Azur Hotel sale for an enterprise value of USD 50.0 million. This
sale confirms our continuous execution of our three-pillar strategy and
reiterates our earlier message to the market that this Group owns many
assets with substantial value, which are not adequately reflected in our
stock price."


CI Capital Investment Banking acted as our exclusive financial advisor and
White & Case acted as our legal advisor on this transaction.

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 seven
jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United
Kingdom), with primary focus on touristic destinations. The Group currently
operates ten destinations; five in Egypt (El Gouna, Taba Heights, Fayoum
Makadi, and Harram City), The Cove in the United Arab Emirates, Jebel Sifah
and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in
Switzerland. The shares of Orascom Development Holding are listed on the SIX
Swiss Exchange.


Contact for Investors:
Sara El Gawahergy
Head of Investor Relations
Tel: +202 246 18961
Tel: +41 418 74 17 11
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch

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Undue reliance should not be placed on such statements because, by their
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End of ad hoc announcement

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