Egypt's stocks retreat on Wednesday; July 30 amid local sell-off    Egypt's Cabinet approves E-Tax platform contract    EU economic sentiment improves in July '25    PM: Sisi's Gaza speech reaffirms Cairo's steadfast stance on Palestinian cause    Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Supply minister discusses strengthening cooperation with ITFC    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Egypt will keep pushing for Gaza peace, aid: PM    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Al Atries Company offers to fully acquire affiliate Amban Tourism for EGP 350m
Published in Daily News Egypt on 05 - 08 - 2021

Al Atries Company for Reinforcing Steel has made an offer to Remco for Tourism Villages Construction (RTVC) to acquire the latter's shares in Amban for Tourism Investments, which is affiliated to Al Atries Company.
In a statement to the Egyptian Exchange on Wednesday, the company said that the offer is estimated at EGP 350m. An amount of EGP 235m will be paid to creditors of Remco, and an amount of EGP 115m will be paid in the form of construction materials for Remco to complete its projects. The total value will be fully paid by the end of December 2022.
The acquisition process will not result in any cash transactions for any of the parties, whether Amban, Remco, or any of the companies' owners.
Remco, as well as its related parties and shareholders, are permanently and irrevocably obligated to waive or cancel all the cash owed to them by Amban, and they are not entitled to claiming any financial amounts to settle current or future dues.
Moreover, Remco is also obligated to pay any dues owed by Amban, whether current or future, to any external party or related parties, whether governmental or tax dues, employee salaries or financial obligations resulting from commercial or construction operations, whether they are recorded in the books of accounts.


Clic here to read the story from its source.