Real estate and hotels firm Orascom Development said on Monday it would increase its capital by 185 million Swiss francs ($183 million) to speed up its growth plans and take advantage of construction costs.

The capital increase will be done through a discounted rights offering, the firm said in a statement. Shareholders will be offered 20 new registered shares for every 93 registered shares held at an offer price of 37 Swiss francs per share.

The firm said it would use the capital increase to finance projects in Switzerland, Oman, Morocco, and elsewhere, and for 'general corporate purposes'. – Reuters