National Housing finalises sale of Le Méridien Heliopolis
Updated 4/22/2021 11:25:00 AM
ArabFinance: National Company for Housing for Professional Syndicates (NHPS) announced finalizing the sale of Le Méridien Heliopolis with EGP 605 million, according to April 22nd statement.
The real estate company received post-dated checks of EGP 50.622 million for the grace period’s interests.
In July, the company’s extraordinary general meeting decided to amend payment terms of Le Méridien Heliopolis' sale transaction.
Under the agreement, E-Max International will purchase the hotel at EGP 605 million.
The buyer will pay a down payment of EGP 151 million, representing 25% of the total amount.
The listed company incurred a net loss of EGP 3,930,035 in Quarter one of 2020, against a net profit of EGP 967,188 achieved in the same period of 2019.
NHPS is an Egypt-based company engaged in real estate development operations. The company is organized into real estate and tourism segments.
