Cairo - Mubasher: The board of directors of Remco for Tourism Villages Construction approved a decision to study a letter of intent submitted by a group of Egyptian investors to acquire Remco for Real Estate Construction's entire stake of 99.98% in Empain Tourism Investments Company, according to a bourse disclosure on Tuesday. 

It is noteworthy to mention that Remco for Tourism Villages Construction owns 99.87% of Remco for Real Estate Construction. 

During the first quarter (Q1) of 2021, Remco for Tourism Villages Construction reported net losses of EGP 463.61 million, up from EGP 132.17 million in Q1-20, including minority shareholders' rights.