Remco receives acquisition offer for Empain Tourism Investments

Remco for Real Estate Construction owns 99.98% of Empain Tourism Investments

Traders work at the Egyptian stock exchange in Cairo, March 12, 2015.

Traders work at the Egyptian stock exchange in Cairo, March 12, 2015.

REUTERS/Mohamed Abd El Ghany
Cairo - Mubasher: Remco for Tourism Villages Construction has received an offer from a group of Egyptian investors to acquire Remco for Real Estate Construction's entire stake of 99.98% in Empain Tourism Investments Company.

The offer includes the acquisition of 100% of Empain Tourism Investments Company for EGP 350 million, the company said in a bourse disclosure on Wednesday.

The consideration amount will be paid as follows: EGP 235 million to be paid to Remco for Tourism Villages Construction's creditors and EGP 115 million for supplying raw materials and construction materials for the projects owned by Remco.

It is noteworthy to mention that Remco for Tourism Villages Construction owns 99.87% of Remco for Real Estate Construction.

During the first quarter (Q1) of 2021, Remco for Tourism Villages Construction reported net losses of EGP 463.61 million, up from EGP 132.17 million in Q1-20, including minority shareholders' rights.

Source: Mubasher

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