EGX approves Orascom Development Egypt as new name for OHD

Orascom Hotels and Development’s (OHD) shares will trade under the new name of Orascom Development Egypt, which was approved by the EGX listing committee on Tuesday, the Egyptian Exchange said in a statement.

“The company’s name will be changed as of the beginning of Wednesday’s trading session,” the statement added.

Shareholders of Orascom Hotels and Development announced in late June their intention of modifying its name to Orascom Development Egypt, Reuters said in June .

The company’s revenues for the first nine months of 2017 reached LE 268.8 million ($15 million) compared to losses of LE 181.8 million during the same period of 2016.

Orascom Development Holding is a Switzerland-based company engaged in the real estate sector. Through its subsidiaries, the company develops and manages integrated towns, hotels, private villas, and apartments, and leisure facilities, notably golf courses and marinas.

Its activities are divided into five segments: the hotel segment; the real estate and construction segment; the destination management segment, which maintains finished construction projects; the land sale segment, which manages land transactions; and the other activities segment, which includes mortgage financing, development and management.

Its portfolio includes touristic destinations in seven countries; Egypt, the United Arab Emirates, Jordan, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom. The company’s wholly owned subsidiaries include Orascom Hotels and Development in Egypt, according to its company profile on Reuters. Source: Egypt today