Orascom Development Holding appoints new CEO
Effective January 1, Khaled Bichara will become the new Chief Executive Officer (CEO) of Orascom Development Holding (ODH). Samih Sawiris, who previously held the role of CEO on an ad interim basis, will focus on his role as Chairman of the Board of Directors.
Khaled Bichara (born 1971) was CEO and co-founder of the consulting firm Accelero Capital. ODH has also signed a six-year consulting agreement with this company. Accelero Capital is to provide consulting services for the implementation of the operational and financial turnaround under the leadership of the Board of Directors and management. Bichara will have a non-executive role within Accelero Capital.
Capital increase planned
Meanwhile, ODH plans to increase its capital by up to CHF 278 million. The aim is to strengthen financial power and support further financing of construction activities under the ongoing projects in Oman and Montenegro for 2016 and 2017, the company says.
Depending on the market environment, the capital increase is expected to be implemented before the end of the year in the form of a rights issue with a subscription price close to the average price of the ODH share.
ODH majority shareholder Samih Sawiris has already indicated that he intends, directly or indirectly through controlled companies, to fully exercise the subscription rights to which he or his companies are entitled in the context of the capital increase by offsetting existing loans to ODH against the aggregate issue price of the shares to which they are entitled. In addition, Sawiris intends to issue a commitment to purchase all new shares that have not been subscribed by holders of subscription rights - on the same terms as for existing shareholders. (ah)
