Egypt's Orascom Hotels and Development said it would seek to list its shares in Switzerland, where its owner Samih Sawiris is planning to build a spectacular Alpine hotel resort.
A new holding company, called Orascom Development Holding AG would become the group's new parent company, to be listed on Switzerland's SWX stock exchange, Orascom Development said on Tuesday.
"Since the group has already established a local footprint in Switzerland through the Andermatt project, the new international corporate headquarters will therefore be based in Altdorf," in Switzerland, it said. Egyptian magnate Sawiris is planning six hotels, a golf course, giant indoor tropical pool and spa, artificial beach and lakes in the ski resort of Andermatt.