Cairo – Mubasher: Egyptian Media Production City Co’s board of directors approved initiating negotiations to acquire stakes of four companies in Arabian Hospitality Company.

The Egyptian company seeks to acquire 55.3% of Arabian Hospitality Company’s capital, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The stakes are owned by Arab Contractors, El Masria Real Estate Investment Company, Arab Contractors for Investments, and Egyptian International Co. for Contracting & Real Estate Investments.

During the first quarter of 2019, the Egyptian firm’s net consolidated profit rose by 17.09% year-on-year to EGP 27.24 million from EGP 23.27 million.