ODH: Sawiris family wants to delist the developer from the stock exchange

Orascom Development Holding AG announces that its main shareholder LPSO Holding Ltd. has issued a voluntary public tender offer to all other shareholders. LPSO, based in George Town, Cayman Islands, is the principal holding company of the Sawiris family, the majority shareholder group of ODH, which already owns 77.50% of ODH's registered shares. "In connection with the public tender offer, certain members of the family, led by Naguib S. Sawiris, Chairman of the Board of Directors of ODH, are acting in concert with LPSO," according to a statement.

LPSO is offering a purchase price of CHF 5.60 per share, which corresponds to a premium of 40.7% on the volume-weighted average price of the last 60 trading days and a premium of 38.3% over the closing price on December 16. Following completion, LPSO plans to delist its ODH shares from the SIX Swiss Exchange. The Board of Directors refrains from issuing a recommendation to accept or reject the offer, but refers to an expert opinion commissioned from IFBC AG. This confirms the fairness and appropriateness of the offer price from a financial point of view, according to ODH. The offer price is above the upper end of the value range of CHF 3.76 to CHF 5.26 determined by IFBC AG in its fairness opinion.

ODH was founded by the Egyptian businessman Samih Sawiris as a public limited company under Swiss law and is based in Altdorf. Its real estate activities include hotel and resort projects abroad - with a focus on the Middle East - as well as the Andermatt tourism project, in which a subsidiary of ODH is heavily involved. (aw)