Brief: Orascom Development Holding Says Minimal Impact From Thomas Cook Bankruptcy On Its Operations

Orascom Development Holding AG

23/09/2019 20:51

Sept 23 (Reuters) - Orascom Development Holding Ag  ODHN.S :
    * EQS-ADHOC: ORASCOM DEVELOPMENT HOLDING AG: MINIMAL IMPACT
FROM
THOMAS COOK ON ORASCOM DEVELOPMENT'S GROUP OPERATIONS. CURRENT
EFFECT ON OPERATIONAL BUSINESS IS IMMATERIAL
    * THOMAS COOK CURRENT EFFECT ON ODH OPERATIONS HOWEVER IS
IMMATERIAL AND ITS SHORT-TERM IMPACT IS MINIMAL
    * ORASCOM DEVELOPMENT HOLDING - IN SITUATION TO CONFIRM THAT
WE
ALREADY COLLECTED UPFRONT PAYMENTS FROM COMPANY FOR HOTELS
    * ORASCOM DEVELOPMENT- REGARDING IMPACT OF THOMAS COOK'S
BANKRUPTCY, DO NOT FORESEE BIG IMPACT AS OPERATIONS WILL FILL
HOTELS' ROOMS UP WITH OTHER TOUR OPERATORS
    * FINALIZING CONSTRUCTION OF NEW 100 ROOM HOTEL PLANNED TO
BE
OPERATIONAL IN OCTOBER
    * AS FOR CONCERNED HOTELS, THERE IS NO SHAREHOLDING INTEREST
OR
OWNERSHIP IN HOTELS
    * ORASCOM DEVELOPMENT - ODH WILL ENSURE THAT HOTELS ARE WELL
COMMERCIALIZED AND CO'S RETURN ON INVESTMENT IS INLINE WITH
COMPANY'S PROJECTIONS & BUDGET
    * : THE TWO HOTELS ARE UNDER ORASCOM DEVELOPMENT OPERATIONS
AND
ARE FRANCHISED UNDER A FRANCHISE AGREEMENT

Source text for Eikon:  ID:nEQ4gQplKa 
Further company coverage:  ODHN.S 

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