Since hotelier Tobias Zurbriggen can remember, the business of running Saas-Fee has been a local affair. Now, the Swiss ski resort neighboring the Matterhorn is feeling the heat from a New York-based financier.
Samih Sawiris , Orascom Development Holding AG’s chief executive officer, doesn’t expect Egypt’s President Hosni Mubarak to step down before the end of September, Handelsblatt reported today, citing an interview with Sawiris.
Orascom Development Holding AG, a resort company run by billionaire Samih Sawiris, called off its planned share sale that could have raised about 150.2 million Swiss francs ($140 million), after observing “irregular trading activities” in its stock.
Orascom Development Holding AG, the hotel and construction company, will get a direct loan of 75 million Swiss francs ($83 million) from company chairman and majority owner Samih Sawiris to help fund construction projects this year.