Remco for Tourism Villages Construction asked the independent financial advisor for an FV estimation study to sell its entire stake in Empain Tourism Investments Company, the company said in a bourse disclosure on Tuesday.
According to the study, Empain Tourism Investments Company has a book value of EGP 347.68 million and an FV of EGP 76 per share as of the end of December 2020.
Earlier, the company said it will study a letter of intent submitted by a group of Egyptian investors to acquire Remco for Real Estate Construction's entire stake of 99.98% in Empain Tourism Investments Company.
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.
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