Arab Finance: The ordinary general meeting (OGM) of Remco for Tourism Villages Construction has approved a debt transfer agreement worth EGP 900 million with El Karam for Marble, Granite, and General Contracting Company, according to a disclosure.
Under the deal, a portion of the debt owed to Remco by Creast Mark for Contracting and Real Estate Development will be assigned to El Karam.
Incorporated in 1995, the company has projects of resort complexes comprising hotels, commercial areas, housing units, residential complexes, and standalone hotels, as well as entertainment venues. Its projects are located in the Greater Cairo area, on the North Coast, and in the Red Sea.
