Cairo – Mubasher: The board of directors of the Egyptian Media Production City Co (EMPC) approved a decision to take over the entire stake of Arab Contractors and its subsidiaries in Arabian Hospitality Co. at EGP 115 per share as estimated by the National Bank of Egypt (NBE).

The stake of Arab Contractors and its subsidiaries in Arabian Hospitality reaches 1.25 million shares, representing 64.7% of the company’s capital, EMPC said in a bourse statement on Sunday.

In December 2019, EMPC’s board decided to acquire NBE’s entire stake in Arabian Hospitality Co, which stands at 33,200 shares or 17.14% of the company’s capital, at EGP 115 per share.

In June 2019, the company announced initiating talks with four companies to acquire their stakes in Arabian Hospitality.  

It is noteworthy that during the first nine months of 2019, EMPC’s net profit inched down to EGP 62.48 million, compared to EGP 62.58 million in the prior-year period.