Orascom Development Holding Cancels 175.000 Egyptian CDs: EGX

By Yomna Yasser On Jul 23, 2012

The Egyptian Exchange (EGX) has announced receiving a notice from Misr for Central Clearing, Depositary and Registry (MCDR), the SGF department, about Orascom Development Holding AG (ODH) (ODHN.CA)’s cancellation of 175 thousand Egyptian Certificates of Deposit (CDs). Therefore, Orascom Development’s remained CDs which are listed in the market would amount to only 179.215.040 by 19/07/2012.

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

Elsewhere, ODH’s financial statements for the first quarter of 2012 have revealed that the company has posted net losses of CHF3.477 million (EGP 21.50 million), compared to net losses of CHF294 thousand (EGP 1.818 million) during Q1/2011.