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CAIRO (Reuters) - Swiss-based developer Orascom Development Holding is facing a legal dispute over registration of ownership of its shares in Falcon for Hotels, which it has paid for in full, it said on Monday.

"Orascom Development and its advisers believe that the counter party has no valid legal claim," the company said in a statement. "The group is currently pursuing legal proceedings to protect its legitimate rights," it said, without detailing the cause of the dispute.

Orascom Development was not available to comment further.

The company finished construction and furnishing of Citadel Azur -- the only hotel owned by Falcon for Hotels -- enabling it to open in 2008, the statement said.