Remco’s EGM nods to Empain sale

Remco for Real Estate Construction is 99.87% owned by Remco for Tourism Villages Construction

  
Traders work at the Egyptian stock exchange in Cairo February 2, 2014.

Traders work at the Egyptian stock exchange in Cairo February 2, 2014.

REUTERS/ Mohamed Abd El Ghany

ArabFinance: The extraordinary general meeting (EGM) of Remco for Tourism Villages Construction (RTVC) has approved the offer submitted by a group of Egyptian investors to acquire Remco for Real Estate Construction's 99.98% stake in Empain Tourism Investments, according to a statement filed to the Egyptian Exchange (EGX).

It is worth noting that Remco for Real Estate Construction is 99.87% owned by Remco for Tourism Villages Construction.

Earlier this month, Remco for Tourism Villages Construction received an offer from Atrees Group Company, upon which the latter seeks to acquire all shares of Empain Tourism Investments for EGP 350 million.

Remco is an Egypt-based company that operates in tourism and entertainment projects development and construction.

The company acquires plots of land, designs the development, sells individual units, and retains ownership of public areas such as hotels, landscaped areas, housing complexes, beaches, and water and sewage treatment plants.

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