Cairo - Mubasher: The board of directors of Remco for Tourism Villages Construction approved the fair value (FV) study prepared by Alpha Capital Financial Advisory for Financial Securities for the stock of Empain Tourism Investments Company.
Remco for Tourism Villages Construction asked the independent financial advisor for an FV estimation study to sell its entire stake in Empain Tourism Investments Company, the company said in a bourse disclosure on Tuesday.
According to the study, Empain Tourism Investments Company has a book value of EGP 347.68 million and an FV of EGP 76 per share as of the end of December 2020.
Earlier, the company said it will 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.
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.