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Remco received new offer for Empain acquistion

Remco received new offer for Empain acquistion

ArabFinanceRemco for Tourism Villages Construction (RTVC) said Atrees Group Company offered to acquire all shares of Empain Tourism Investments for EGP 350 million, according to Remco’s statement filed to the Egyptian Exchange on August 04th.

Atrees has offered to pay off Empain debt which amounts to EGP 235 million while the remnant amount will be paid by rebar supply to Empain’s projects.  

Earlier, Remco announced the fair value of Empain Tourism Investments’ share worth EGP 76, totaling EGP 347.68.

The listed company posted a consolidated net loss before minority interest of EGP 463.266 million in quarter one of 2021.

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04 Oct 2021
United Housing & Development UNIT

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