Orascom Development Holding Cancels 19.600 Egyptian CDs

By Yomna Yasser On Apr 24, 2012

The Egyptian Stock Exchange (EGX) has announced receiving a notice from Misr for Central Clearing, Depositary and Registry (MCDR), the SGF department, about the cancellation of 19.640 Egyptian Certificates of Deposit (CDs). Therefore, Orascom Development Holding AG (ODHN)’s remained CDs which are listed in the market would then amount to only 179.880.620 by 23/04/2012.

The MCDR has pledged to inform the EGX if any changes on the SGF’s account occur.

The ODHN’s consolidated financial results for 2011 have shown that the company had posted net losses of CHF131.696 million ($ 144.125 million), compared to net profits of CHF10.334 million ($ 11.309 million) achieved in 2010.

While the ODHN’s non-consolidated financial results for the same period revealed that the company posted net losses of CHF846.696 million ($ 927.073 million), compared to net profits posted in 2010 amounted to CHF122.762 million ($ 134.416 million).