Talaat Mostafa: We have not signed the final agreement to acquire a significant stake in historic hotels


Rana Mamdouh _ Talaat Moustafa Holding Group announced that it has not signed the final agreement to acquire a significant share of the historic hotels.

The group said in a statement to Egyptian Stock Exchange Today, it will provide the necessary details once the final agreement is signed.

This morning, the group announced that it is still continuing, through its subsidiaries, the procedures for executing the acquisition of the historic hotels, in accordance with what was previously announced by the group on July 11.

Last July, the group announced that its hotel arm, the Arab Hotel and Tourism Investments Company – Icon, had submitted an offer to acquire an influential stake in the ownership and management rights of a portfolio of a number of hotels in Cairo, Alexandria, Luxor, and Souks, owned by the Egyptian General Company for Tourism and Hotels – EGOTH.

And I mentioned Talaat Mustafa Holding In a statement to the stock exchange at the time, the portfolio included the Sofitel Old Cataract Aswan Hotel, the Mövenpick Aswaq Resort, the Sofitel Winter Palace Luxor Hotel, the Schweigenberger Tahrir Hotel, the Steigenberger Cecil Alexandria Hotel, the Marriott Mena House Hotel, the Cairo Marriott Hotel, and the Omar Khayyam Casino.

She explained that the acquisition, upon completion, will result in Icon’s portfolio reaching a total of 15 hotels, and will also contribute to achieving future revenues in hard currency.

Talaat Moustafa appointed EFG Hermes as a financial advisor for this operation.

The Minister of Planning and Economic Development, Hala Al-Saeed, announced during a press conference held last July 11, the offering of a company that owns a number of hotels to investors with the aim of increasing its capital with a minority share, and the award was made in the form of a 37% capital increase to one of the alliances (Egyptian-foreign). With a total value of $700 million, which is the share of the capital increase

Short link

The post first appeared on hapijournal.com

Leave a comment