Egypt’s stock exchange is now “too small” for Orascom Hotels & Development, which might open up trading in Switzerland following a hotel deal there, according to a report on Bloomberg.
Orascom owner Samih Sawiris says he plans to sell shares in what is the nation’s largest publicly traded hotel firm through a Swiss holding company based in Altdorf.
Orascom recently won approval to build a US$1bn tourist resort in Andermatt, covering the equivalent of 200 football fields – a project which will be Egypt’s largest foreign property project.
Sawiris says he plans to offer shareholders one share of Orascom Development Holding AG in Switzerland for every ten shares purchased in Orascom Hotels & Development.
The Bloomberg report says Sawiris expects the share plan to run for 20 days from 30 March.
By Penny Jones