Remco’s subsidiary receives EGP 700M for hotel

Updated 10/24/2022 9:40:00 AM

Arab FinanceRemco for Tourism Villages Construction (RTVC) announced that its subsidiary Scandinavian Investments and Tourism Development received a preliminary offer from TOLIP Hotels and Resorts for the acquisition of one of its hotels for EGP 700 million, according to a filing to the Egyptian Exchange (EGX) on Monday.

The offer is under study and will be presented to the board of directors.

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.