During the first half of 2012, Orascom Development Holding AG official source said the Group (ODHN.CA) has launched pre-sales in its beach-front resort located in Montenegro in the reservation of 48 units with a value of CHF 16.1 million. The construction of the access road has been completed and the driving range of the upcoming golf course has been opened.
At the beginning of 2012, credit agreements of CHF 125 million were finalized which enable the Group to finance its projects and capex plan through the current year. The source noted that ODH has spent CHF 64 million out of the CHF 125 million credit agreements.
ODH forecasts that the capex plan for the coming two years 2013/2014 will reach CHF 100 million and CHF 35 million respectively.
