On December 14, 2015, Orascom Development Holding AG, a SIX listed leading developer of fully integrated destinations, announced the results of its rights offering, which before deducting transaction fees increased its equity capital by CHF 133.8 million. The total amount of new equity capital stemmed from gross cash proceeds of CHF 49.6 million and from the conversion of a loan of CHF 84.2 from Orascom's major shareholder, Samih O. Sawiris, into equity.

The capital increase consisted of a rights offering of a total of 11,866,779 new shares to Orascom's existing shareholders and its holders' of Egyptian Depository Receipts. The board of directors set the offer price at CHF 11.28 which is below nominal value and included a slight premium to the 30 day Volume Weighted Average Price (VWAP). By the end of the subscription period, 66.6% of the new registered shares offered had been validly subscribed for. The remaining 3,963,392 offered shares were purchased by SOS Holding Ltd, an entity controlled by Samih O. Sawiris, for an aggregate amount of CHF 44.7 million. Prior to the capital increase, SOS Holding had committed to purchase up to 4,414,978, in respect of subscription rights which have not been validly exercised, at the same conditions as for existing shareholders. As a result of the transaction, Samih O.Sawiris personally and through controlled entities, will now own 72.6% of all issued shares of Orascom.The listing of the new registered shares became effective on December 16, 2015.

Homburger AG acted as legal counsel to Bank am Bellevue AG as lead manager in the rights offering. The Homburger team comprised partner Frank Gerhard (Corporate | M&A) and associates Sergio Bortolani and Dominik Aerni (both Corporate | M&A).