CAIRO: The names of Orascom subsidiaries Orascom Hotel and Development (OHD) and Orascom Hotel Holdings (OHH), will be changed, Orascom Development announced Wednesday at a press conference.
The decision to change the names of the companies was taken following confusion between the company’s three listed stocks on the Egyptian Stock Exchange.
Orascom Development Vice Chairman and Co-CEO Amr Sheta told journalists that some of the company’s investors had bought and sold the wrong stocks due to name confusion, leading to the decision to consolidate the companies under new names.
“We are changing the names to simplify the formula for investors and eliminate confusion between the three listed stocks on the Egyptian exchange whose names begin with Orascom, he explained.
OHD will henceforth be known as El Gouna Hotels and Development, and OHH will be renamed International Hotels Holding.
The name changes were approved by the companies’ General Assemblies.
Following these initial approvals, the changes will be processed through legal channels before an official announcement and the implementation of the change, a process that could take anywhere from six weeks to six months, Sheta said.
Samih Sawiris, chairman of Orascom Development, also addressed journalists during the press conference.
Sawiris spoke about the continuing success of the companies in spite of the dampening effects of the global economic crisis on the local real estate market.
“We were all impacted but things are going well now and we expect 2009 to be a better year than 2008 in spite of everything, he said.
Sawiris also talked about Orascom Development’s successful international expansion, and the company’s plans to enter new markets in the near future.
Orascom Development is active in Oman, Jordan, the UAE, Switzerland, Mauritius and Morocco in addition to Egypt.
