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Orascom Development Rises on Ski Apartment Sales: Zurich Mover

Sept. 17 (Bloomberg) -- 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.

To contact the reporter on this story: Patrick Winters in Zurich at pwinters3@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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