Investors compete for 51% stake in Shepheard Hotel

Some 7 Egyptian and foreign entities have submitted requests to contribute to a majority stake in a joint venture with a capital of USD 100mn to develop Shepheard Hotel, according to the chairperson of the Holding Company for Tourism and Hotels Mervat Hataba.
Egyptian General Company for Tourism & Hotels (EGOTH), a subsidiary of the Holding Company for Tourism and Hotels, have invited investors to submit requests to participate in a majority stake in a new company owing Shepheard Hotel. The company set Tuesday October 16 as the deadline for submitting requests.
Investors’ requests will be examined in preparation for determining the qualified companies to choose their best, giving no information about the competing firms, Hataba said.
In its invitation to investors, EGOTH said that it will offer in-kind share in the new company.
The project cost is estimated at USD 130mn including the in-kind share, and upon signing partnership contracts, EGOTH will receive a grant.

Almalnews Contribution Time: 18-Oct-2018 14:34 (GMT)
Almalnews Last Update Time: 18-Oct-2018 14:34 (GMT)