ArabFInance: Remco for Tourism Villages Construction (RTVC) announced that its board of directors has agreed on inviting for holding the extraordinary general meeting (EGM) to endorse the evaluation report conducted by the independent financial advisor (IFA) on Empain Tourism Investments, according to a statement.

The IFA Alfa Capital Financial Advisory has set the fair value (FV) of Empain at EGP 364.405 million.

Moreover, the EGM is set to discuss the approval of selling Empain to Atress Steel Group in exchange for cutting Remco’s outstanding debts to Ayoubco Contracting by EGP 364.405 million.

Remco is an Egypt-based company that operates in tourism and entertainment projects development and construction.

The company acquires plots of land, designs the development, sells individual units, and retains ownership of public areas such as hotels, landscaped areas, housing complexes, beaches, and water and sewage treatment plants.