Orascom Development Holding AG, rose the most in more than six months after the Swiss hotel builder said that it had sold all the apartments in its Chedi Andermatt ski-resort project.
The stock rose as much as 8.2 percent, the biggest intraday advance since March 9, and was up 3.3 percent at 15.75 Swiss francs as of 11:33 a.m. in Zurich, giving the company a market value of 450 million francs ($485 million).
Orascom has sold the remaining 73 apartments at its Chedi Andermatt project for 122.7 million francs, the company said in a statement last night. The buyer was Acuro Immobilien AG, a real-estate investment vehicle in which Orascom Chairman Samih Sawiris is a minority shareholder, the Swiss construction company said.
The Chedi complex at the ski-resort of Andermatt consists of a five-star hotel with 50 hotel rooms as well as 106 apartments and 13 lofts and penthouses, according to the statement.