Orascom Development Holding , the Egyptian tourism group, has raised 190 million Swiss francs ($181.3 million) by listing on the SWX Swiss Exchange to broaden its capital base ahead of a major expansion plan.

ODH on Wednesday listed 1,250,000 new shares at 152 francs per share on the exchange, with controlling shareholder Samih Sawiris - who is leading plans to build a hotel resort in the high Alps - maintaining a 61 per cent stake.

The issue also contains an overallotment option comprised of 185,000 shares, which may be exercised in case of surplus demand for the stock and so increase the size of the capital hike.

Of the total, around 22 million shares will be listed on the Swiss SWX Exchange, giving the group a free float of around 39 per cent.

Trading in the new shares begins at 0700GMT. The Egyptian magnate Sawiris is planning six hotels, a golf course, giant indoor tropical pool and spa, artificial beach and lakes in the Swiss ski resort of Andermatt.

Orascom Hotels says it holds land or is in the process of securing it in Egypt, Morocco, Oman, the UAE and Switzerland.

The Sawiris business empire consists of its hotels arm, Orascom Telecom and a building unit.-Reuters