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Lift Slab Misr to acquire tourism firm

Lift Slab Misr to acquire tourism firm
Photo Credit: Arabianeye-Reuters
Lift Slab Misr
EDBM
-0.32% 0.31 -0.00

Egyptian for Developing Building Materials (Lift Slab Misr) shareholders gave a nod to buying 100% of El-Wafaa for Tourism Investment Co. for EGP 170 million.

Shareholders also approved the report of the independent financial adviser which set the fair value of the target company’s shares at EGP 567.1 million.

El Wafaa Co. reported EGP 5.9 million in losses in 2014, against EGP 109,700 in profits for the previous year.

Lift Slab Misr is capitalised at EGP 43 million, distributed across 4.3 million shares at EGP 10 par value each.