Cairo – Mubasher: The National Company for Housing for Professional Syndicates announced that its extraordinary general meeting (EGM) approved an offer submitted by IMEX International to the National Bank of Egypt (NBE) to purchase Le Méridien Heliopolis hotel.
The company’s shareholders gave the greenlight for the sale of the hotel for EGP 605 million, of which 50% will be paid upon signing the preliminary agreement and the remaining amount will be paid over five years with a declining annual interest rate of 13.5%, according to a bourse statement on Sunday.
In April, the company’s EGM approved to sell Le Méridien Heliopolis after the NBE, the financial advisor of the deal, received a purchase offer.
It is noteworthy that during the first quarter of 2019, the National Company for Housing for Professional Syndicates logged a net profit of EGP 967,188, compared to EGP 883,021 in the year-ago period.
