A member of Egypt’s wealthiest family is to move his hotel empire from Cairo to Altdorf, Switzerland in a move designed to increase the firm’s growth. Chairman Samih Sawiris said he plans to relocate Orascom Hotels and Development and list its shares on the Swiss stock exchange.
A new holding company, Orascom Development Holding, will launch a public share exchange offer of one new share for each 10 existing shares as of 30 March. The group said it has already received irrevocable undertakings of acceptance of the swap of around 76%, including from the Sawiris family.