Remco’s EGM nods to $22.89mln sale deal

National Company for Hotels and Touristic Services (Tolip) will purchase the hotel, which is owned by Remco's unit Scandinavian Tourism Development and Investment Company

Staff Writer, Mubasher

February 20, 2023

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Cairo – The shareholders of Remco for Tourism Villages Construction agreed to sell the Stella Hotel in Sharm El Sheikh at a total value of EGP 700 million, according to a bourse disclosure.

National Company for Hotels and Touristic Services (Tolip) will purchase the hotel, which is owned by Remco's unit Scandinavian Tourism Development and Investment Company.

It is worth mentioning that the shareholders greenlighted the sale deal during the extraordinary general meeting (EGM) that was held on 16 February 2023.

In the first nine months (9M) of 2022, the EGX-listed firm incurred standalone net losses worth EGP 47.14 million, lower than EGP 388.91 million in 9M-21.

Non-consolidated loss per share plummeted to EGP 0.19 in 9M-22 from EGP 1.58 in the January-September 2021 period.

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