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NBE, Banque Misr to sell stakes in New Ismailia Co.

Tuesday 22 January 2019 01:28 PM

Banque Misr
Banque Misr

By Mostafa Talaat:
The National Bank of Egypt (NBE), Banque Misr and Misr Hotels are planning to sell their stakes representing 50.6% of the shareholding of New Ismailia For Investment and Tourism, a subsidiary of Holding Company for Tourism & Hotels as part of a plan to exit from noncore investments and activities.
Sources told the Cairo-based economic daily Al-Mal that the committee in charge of following-up the state-owned entities exit from New Ismailia for Investment and Tourism has finalized its work and tasked Banque Misr with finalizing the selling procedures with the entities wishing to exit, adding that the value of exit is about EGP 82mn.
The sources said that the entity tasked with evaluation set price share of New Ismailia Co. at EGP 28.5 and that NBE joined the parties wanting to exit.
New Ismailia Co. has recently been suffering from lack of financing and low return on investments, which prompted contributors to exit.
Misr Hotels announced last year that its board approved selling its stake in New Ismailia Company and that it appointed Three Seas as the financial advisor on promotion and assessment of the deal.