The board of Egyptian for Developing Building Materials (Lift Slab Misr) approved signing a memorandum of understanding (MoU) to buy 100% of El-Wafaa for Tourism Investment Co. for EGP 170 million.

Meanwhile, the board approved the report of the independent financial adviser which set the fair value for El Wafaa Co.'s shares at EGP 567.1 million.

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