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Misr Hotels obtains EGP 10M loan

Misr Hotels obtains EGP 10M loan

ArabFinance: Misr Hotels (MHOT) obtained an EGP 10 million loan, in addition to a grant from the Ministry of Finance of EGP 400,000, to support the company in facing the negative consequences of COVID-19, Executive Managing Director Amr Attia told Al Mal News.  

The loan comes within the Central Bank of Egypt’s (CBE) initiative of providing facilities for the tourism sector and its workers to boost the recovery of the sector.

The initiative included offering an EGP 3 billion insurance credit for the CBE to give to national banks to provide three-year loans to hotels and tourist facilities with a discounted interest rate of 5%.

Attia noted that the second wave of COVID-19 affected the company’s occupancy rate, adding that the company is studying reducing costs and resorting to other sources to enhance its financial flows.

As regards the company’s hotel in Dahab, the hotel is expected to start operating in May, with total spending on the development of EGP 200 million.

The listed company suffered a net loss before tax of EGP 106.46 million in the second half of 2020, compared to EGP 117.05 million in the same period of 2019.

Misr Hotels, a subsidiary of Holding Company for Tourism and Hotels, is an Egypt-based joint stock company engaged in tourism investment activities.

The company focuses on hotel and tourism activities, including construction, purchase, and sale of hotels, resorts, casinos, restaurants, strips, and other tourist facilities.

 

 

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