The very difficult years seem to be for the Orascom Development in the past. The tourism and real estate group is planning the next step in the direction of normality, although the company writes more in the red. Yesterday, the Orascom chief informed that the group takes in the next two years, the majority of the Andermatt project. For the construction and operation of the resort with Hotels, apartments and mountain Railways, the subsidiary Andermatt Swiss Alps AG (ASA) is responsible. This is the Egyptian billionaire Samih Sawiris for the past five years, 51 percent holding, Orascom belong to 49 percent.
The majority Acquisition by Orascom, she buys 1 per cent plus 1 share of Sawiris, at a price of 3.2 million Swiss francs. According to Orascom CEO Khaled Bichara, the price has been determined on the basis of an independent opinion. This is the ASA rating of 320 million Swiss francs.
the ASA was Founded in 2007, after it was known that the village can be built in the urseren valley. In may 2008, Sawiris launched the umbrella group Orascom on the Swiss stock exchange. He includes in addition to the holiday town of El Gouna on the Red sea Resorts, Hotels and apartments in Egypt and countries such as Montenegro, Morocco, or Oman. The company’s founder and Chairman Samih Sawiris is a 70 percent shareholder of Orascom.
Since 2011, in the red
With the outbreak of the Arab spring in December 2010, it was for Orascom difficult. The political turmoil and terrorist attacks in the Middle East brought the tourist flows to Egypt to a virtual Standstill. Thus, the source of Profit for the company dried up. The share of the cost after the IPO, about 140 Swiss francs, fell to a low of 4.40 francs.
The Chedi of Investor Samih Sawiris was appointed by the restaurant guide “Gault Millau” to the Swiss Hotel of the year 2017. Video: TA/lko
Since 2011, Orascom writes losses. New projects, such as those in Andermatt, Montenegro or England need a high initial investment, until you drop for the first time, money. CEO Sawiris had to intervene in several projects, including one in the South of England, were stopped.
Also in Andermatt, where it was already busy Building, the excavator must rest. A freeze in Uri did not want to risk Sawiris. The Orascom has its headquarters in Altdorf, and the project was connected with a lot of Prestige. Finally, the Egyptians of 2013, took on themselves the majority of the ASA. As a result, the losses from Andermatt by the Orascom could be separated.
CHF 1 billion installed
in the Meantime, the Work in the Uri are at an advanced stage. The ski resorts of Andermatt and Sedrun GR have been connected this season with a new gondola. At the same time a second large Hotel went up a month ago, according to the five-star temple The Chedi with the Radisson Blu. The 18-hole Golf course and various residential houses are done in the spring is also a concert hall. “Andermatt can’t fail,” stresses Sawiris for a long time.
a condition for the Acquisition of the ASA majority by Orascom is that Sawiris dispensed to around 150 million Swiss francs of the loan of a total of 190 million. Effective transcribers amounts to “only a good 20 million Swiss francs,” says Sawiris. Because, as a shareholder of ASA and Orascom benefits of debt. How much has invested Sawiris yourself in Andermatt? “Around 420 million Swiss francs,” were “directly and indirectly, to the Orascom,” he says. The project below the Gotthard pass at a cost of up to today, a total of around 1 billion Swiss francs.
According to Sawiris, the ASA will write in the next two years, for the first time profit. Therefore, he wanted to hand over a majority of the shares at some point in this period, says of the 61-Year-old. The recent development of the voice of him is very positive. In Andermatt you started excellent in the winter season. Between Christmas and new year the village was fully booked. Andermatt today has over 1500 beds in Hotels and apartments, 600 of which belong to the ASA. The demand in the main season, but several times higher, says Samih Sawiris.
(editing Tamedia)
Created: 10.01.2019, 06:49 PM
