Remco for Tourism Villages Construction (RTVC) will study a letter of intent, submitted by a House of Expertise company.
The letter relates to the company’s desire to acquire 99.87% of the Orient Tours Company for Touristic Villages and Hotels (OTHV) affiliated to the Remco Real Estate Construction Company.
In a statement to the Egyptian Exchange (EGX), the company said that it has decided to appoint SOLID Capital as an independent financial advisor. The latter will determine the fair value of the share in Orient Tours, for the purpose of selling RTVC’s entire share in the company’s ownership structure.
It is noteworthy that OTHV recorded losses amounting to EGP 52.2m during the first nine months (9M) of 2020, compared to EGP 204.45m during the same period in 2019.
The company recorded revenues from real estate activity during that time period amounting to EGP 213.99m. At the same time, its financial statements did not include any revenues from real estate activity during the comparative period of last year.
OTHV’s hotel activity revenues declined, during the period, to EGP 9.26m by the end of September, compared to EGP 57.86m during the same period of 2019.
The proceeds of operating villages also declined during the nine-month period, to reach EGP 12.36m by the end of September, compared to EGP 14.71m during the same period of 2019.
