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NCH completes sale of Le Méridien Heliopolis for EGP 605m

NCH completes sale of Le Méridien Heliopolis for EGP 605m
Le Méridien Heliopolis hotel
National Co for Housing
NHPS
0.00% 32.79 0.00

Cairo – Mubasher: The National Company for Housing for Professional Syndicates (NCH) announced the completion of all procedures related to the sale of Le Méridien Heliopolis hotel. 

The hotel will be sold for EGP 605 million, including EGP 1 million in cash in advance, EGP 154.02 million in cash, and EGP 449.98 million in post-dated checks, the company said in a bourse disclosure on Thursday.

The company received post-dated checks worth EGP 50.622 million, representing the value of interest payments during the grace period.

During 2020, the company incurred net losses of EGP 34.93 million, against net profits of about EGP 807,220 in 2019.