Cairo – Mubasher: Remco for Tourism Villages Construction said its 99.99% owned subsidiary, Scandinavian Investments & Tourism Development, has received an offer to sell Stella Di Mare Beach Hotel and Spa.
The TOLIP Hotels & Resorts offered to buy the Sharm El-Sheikh-based hotel at EGP 700 million, according to a bourse filing on Monday.
The offer is currently under study and will be presented to the board of directors.
The hotel is owned by Scandinavian Investments and operated by Remco.
In the first half (H1) of 2022, the consolidated losses after tax of Remco plummeted to EGP 187.79 million, versus EGP 265.77 million in H1-21.
