Cairo – Mubasher: The Egyptian Company for Construction Development (Lift Slab Misr) is set to complete a deal to acquire 85% of El-Wafaa for Tourism Investment Co. for EGP 94.6 million from Al Forsan Real Estate Development & Investments.

Through the deal, Lift Slab Misr aims to increase and diversify its revenue streams, according to a bourse disclosure on Tuesday.

The company’s board of directors signed a memorandum of understating (MoU) to purchase about 255,700 shares in El-Wafaa for Tourism Investment Co at EGP 360 per share. In exchange, Al Forsan Real Estate Development & Investments will subscribe to the capital increase of Lift Slab Misr.

It is worth mentioning that during the first quarter of 2020, Lift Slab Misr achieved net profits of EGP 1.34 million, compared to about EGP 245,600 in the year-ago period.