LUDUS S.A. has begun a review of strategic options that could shift the Warsaw-based company toward the tourism, leisure, glamping, and short-term accommodation sectors following changes in its ownership structure and a development proposal from majority shareholder K5.Investments.
The company announced the review on September 22, 2026, saying K5.Investments had presented a concept for transforming LUDUS into a capital group operating under the SANDELA brand. The proposal includes potentially acquiring assets and business activities connected with the SANDELA 55 project and Twój Glamping.
Twój Glamping focuses on the design, production, delivery, and installation of year-round glamping facilities and turnkey accommodation units. The SANDELA 55 project is intended to form part of the group’s development of tourism and accommodation assets.
According to information and assumptions presented to LUDUS by its majority shareholder, the combined value of the business and assets being considered for contribution to the company is preliminarily estimated at approximately PLN 44 million. The company stressed that this figure is indicative and does not represent a final transaction value or an independent valuation accepted by LUDUS.
The review will cover the potential transaction’s legal, financial, business, and corporate aspects. One possible structure could involve issuing new LUDUS shares, although the company said no final terms have been agreed. The number of new shares, issue price, asset value, and transaction structure remain subject to further analysis.
For outdoor hospitality businesses, the proposal is notable because it could connect a publicly traded company with a business focused on the development and installation of year-round glamping accommodations.
If pursued, the model could give LUDUS an operating presence in a segment that combines accommodation development with tourism and leisure activities. However, the announcement does not establish that the proposed assets will ultimately be transferred to LUDUS or that the company will adopt the SANDELA structure.
The strategic review also comes after changes in LUDUS’ ownership structure. On August 14, the company reported receiving a notification from K5.Investments concerning the acquisition of a significant shareholding under Poland’s public offering regulations. The September 22 announcement subsequently linked the strategic review to changes in ownership and the development proposal submitted by the majority shareholder.
LUDUS said it will also examine whether a potential transaction could strengthen its equity position and allow it to develop as the parent company of a SANDELA-branded group. The review may include a potential change to the company’s name and the acquisition of additional tourism, leisure, and accommodation projects.
Another consideration is LUDUS’ position on the NewConnect market. The company said it will assess whether a transaction could eventually allow it to meet the financial and organizational parameters required to cease being classified in the NewConnect Alert segment and, subject to all applicable requirements, change its trading system.
No binding decision has been made on the transaction, acquisition of the proposed assets, issuance of new shares, or final direction of the company.
Any implementation will depend on further analysis, professional valuations of the assets and businesses involved, agreement on transaction terms, corporate approvals, and compliance with applicable regulations. According to a news report by TipsRank, LUDUS said it will provide updates through subsequent current reports as the process progresses.
