Remco’s EGM nods to sale of Empain Tourism Investments

Updated 3/6/2022 10:33:00 AM

ArabFInanceRemco for Tourism Villages Construction’s (RTVC) extraordinary general meeting (EGM) approved the endorsement of the evaluation report conducted by the independent financial advisor (IFA) on Empain Tourism Investments, according to a filing to the Egyptian Exchange (EGX) on Sunday.

The EGM also approved 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.