Andermatt Swiss Alps: Sawiris could give up majority stake in project
Orascom Development Holding has agreed with Samih Sawiris that the company can acquire 1% and one share of Andermatt Swiss Alps from him within the next two years. Orascom would thus become the majority owner of the project in Andermatt.
According to Orascom, the agreement is valid until December 31, 2020. As a precondition, Samih Sawiris would first have to forgive CHF 150 million in debt to Andermatt Swiss Alps AG (ASA). This would further strengthen ASA's equity position in the form of a capital contribution. Sawiris currently owns 51% of the company, while Orascom Development owns 49%. If the purchase goes through, Orascom Development would hold 50% plus one share in ASA.
The purchase price for the 1% stake will amount to CHF 3.2 million, it adds. This corresponds to a valuation of ASA's equity of 320 million, as determined by an independent valuation report. (ah)
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