UpdateS on Orascom Development Holding (threat of a squeeze-out)

Timeline: 

• 2019, June 26th
  ​I published Blog 1:
  “Orascom owns assets in the billions, while its enterprise value is only in the millions.”
  
  
• 2024, November 24th
  I published Blog 2:
  “The undervalued share price of Orascom Development (an Update 2024)”
  
  
• 2024, December 17th
  LPSO Holding Ltd., the primary holding company of the Sawiris family, announced a voluntary public tender offer to acquire all publicly held registered shares of Orascom Development Holding AG (ODH).
  
  CHF 5.60 per share, representing a premium of 40.7% over the 60-day volume-weighted average price and 38.3% over the closing price on December 16, 2024.
  
  The Sawiris family, through LPSO, already holds approximately 77.5% of ODH's registered shares. The offer aims to consolidate ownership and eventually delist ODH from the SIX Swiss Exchange to enable more efficient operations and capitalize on development opportunities.
  ​
  Offer Period: January 9 to February 5, 2025 
  Additional Acceptance Period: February 12 to February 25, 2025
  Settlement: March 11, 2025
  Link: public tender offer
  
  
• 2025, January 13th
  I published Blog 3 (2025):
  ​"An Open Letter to Shareholders of Orascom Development Holding"
  
  
• 2025, January 13th:
  Media: Beat Schmid talks to Naguib Sawiris and releases an Article here: 
  Link to read here
  
  
• 2025, January 14th: 
  I contacted the board and officially requested a second fairness opinion as well as an updated CBRE report that analyzes all destinations
  
  
• 2025, January 20th: 
  The board rejected my request. 
  
  
• 2025, January 23th: 
  A new article about Orascom is published on 'schweizeraktien.net'
  Link to read here
  
  
• 2025, January 28th: 
  More shareholders are joining me in finding solutions to prevent the threat of an unfair squeeze-out. If you are an ODH shareholder, reach out to me: [email protected]
  
  
• 2025, February 6th: 
  LPSO Holding Ltd. increased its ownership in Orascom Development Holding AG from around 77.50% to 87.58%. The final confirmation of the results will be announced on February 11, 2025. 
  
  
• 2025, February 10th: 
  A new article is published about Orascom Development and our battle for a fair valuation:
  Link to read here
  
  
• 2025, February 11th: 
  Announcement of the final results: 
  
  
  
• I will publish more updates here via this page...

​

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Board of Directors
Orascom Development Holding AG
Gotthardstrasse 12
6460 Altdorf, Switzerland


January 14th, 2025


Request for Updated CBRE Report and Second Comprehensive Fairness Opinion

Dear Members of the Board,

I am writing to you as a concerned stakeholder of Orascom Development Holding AG to formally request a review and update of the comprehensive CBRE report conducted in 2018, reflecting current valuations and including all remaining destinations within the company’s portfolio. Additionally, I urge the Board to commission a second, independent fairness opinion that considers key factors such as land value and other significant assets.

1. Updated CBRE Report

The CBRE report from 2018 served as a vital tool in providing transparency and a clear understanding of the value of our assets. However, the market dynamics, economic landscape, and internal development strategies have evolved significantly since then.
I formally request the following:

• Commission CBRE to conduct an updated report with the same methodology as the 2018 report.
• Expand the scope to include all remaining destinations in the portfolio, providing a holistic view of the company’s current asset valuations and opportunities.
• Include an analysis of other assets of potential value within these destinations, such as infrastructure, operational facilities, and more.
  
  

2. Second Independent Fairness Opinion

In addition to the updated CBRE report, I formally request a second fairness opinion from a reputable, independent firm. This second opinion should specifically:

• Focus on evaluating our land reserves and other tangible assets, emphasizing accurate valuation.
• Incorporate the findings of the updated CBRE report into the assessment.
• Provide a detailed analysis of unrealized potential across our destinations to ensure future growth prospects are accurately reflected in the valuation.
  
  

The combination of these reports will ensure that the Board, shareholders, and other stakeholders have access to the most reliable and comprehensive data before making critical decisions.

I trust that the Board will view this request as an opportunity to reinforce its commitment to shareholder interests.

Please confirm receipt of this letter by email within a week and provide an estimated timeline for your consideration of this matter.

Thank you for your attention, and I look forward to your response.

​Sincerely, 
Andrin Renz