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

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.