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Remco's stake in Orient Tours valued at EGP 1.09bn

Remco's stake in Orient Tours valued at EGP 1.09bn
Remco owns a 99.87% stake in Remco for Real Estate Construction
Remco
RTVC
-1.28% 3.11 -0.04

Cairo – Mubasher: Remco for Tourism Villages Construction’s board of directors approved a valuation report conducted by Solid Capital Financial Advisory for Remco for Real Estate Construction’s 99.95% stake in Orient Tours for Hotels and Tourism Villages.

According to the report, Orient Tours for Hotels and Touristic Villages has been valued at EGP 1.09085 billion and Remco for Real Estate Construction’s stake has been estimated at EGP 1.0903 billion or EGP 1,363 per share, the company said in a bourse disclosure on Sunday.

The stock valuation study will be referred to the company’s extraordinary general meeting (EGM), which will be held on 10 March, for approval.

Remco owns a 99.87% stake in Remco for Real Estate Construction.

In February, Remco received a letter of intent from an expertise house company to acquire Remco for Real Estate Construction’s stake in Orient Tours

In the first nine months of 2020, Remco suffered net losses of EGP 52.2 million, down from EGP 204.45 million in the corresponding period a year earlier.

Revenues amounted to EGP 213.99 million in the January-September period of 2020.