Orascom Development Holding AG: Board of Directors approved the voluntary delisting of all Egyptian Depositary Receipts of the company from the Egyptian Exchange.
The Board of Directors approved the voluntary delisting of all Egyptian Depositary Receipts (EDRs) from the Egyptian Exchange on 26 December 2016, subject to obtaining all necessary regulatory approvals, based on the authorization granted to it by the Annual General Meeting on 18 May 2015 to take decisions on the listing or delisting on any stock exchange outside of Switzerland.
The decision to delist aims to increase the free float and improve the liquidity of the company's shares on the SIX Swiss Exchange where ODH maintains its primary listing and remove the inconsistencies resulting from the listing of both the EDRs and the shares of ODH's largest subsidiary in Egypt, Orascom Hotels and Development (OHD), on the Egyptian Exchange, which should potentially enhance the liquidity and trading volumes of OHD.
Based on the Board of Directors' approval the company will proceed to make the required filings and work with the authorities in Egypt and Switzerland to obtain all necessary approvals to complete the delisting of the EDRs.
