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23-02-23
Minister: Egypt to trade shares in state-possessed hotels once valuation process is done
(MENAFN) Global firms are determining the worth of Egypt’s state-possessed hotels before the administration trades shares in these properties to studied financers, in line with the nation’s public enterprise sector minister.
The sale of state assets earned an additional urgency following the conflict in Ukraine driven heavy foreign investment outflows from Egyptian economic markets.
“A private company was established, with the holding companies of the tourism and hotels sector, along with the Egyptian General Company for Tourism and Hotels, having a large share in it. This move aims to transfer the government hotels to the newly established company,” Mahmoud Esmat stated in a meeting with Asharq.
He continued: “The Sovereign Fund of Egypt is working on marketing the government hotels. It has also offered 20 percent of these assets to strategic investors, along with stakes in the stock market.”
Esmat asserted that the additional firm was created with a capital of 10 million Egyptian pounds (USD326,700), clarifying that “the capital will increase once the government hotels assessment process is done and the fair value is determined.”
MENAFN23022023000045014228ID1105624878
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