International firms start FV study for 7 state-owned hotels ahead of stake sale
Updated 2/22/2023 7:31:00 AM
Arab Finance: International companies are currently conducting the fair value (FV) study for seven state-owned hotels in Egypt in preparation for offering some shares in them to strategic investors, Minister of Public Business Sector Mahmoud Esmat told Asharq Business in an interview on February 21st.
A private company was established with a capital worth EGP 10 million, in which the Holding Company for Tourism and Hotels (HOTAC) and the Egyptian General Company for Tourism and Hotels (EGOTH) hold large stakes, Esmat said.
The capital of this company will be increased after the completion of FV study for the hotels, the minster added.
It was previously reported that The Sovereign Fund of Egypt (TSFE) seeks to offer a 30% stake in the holding company owning seven hotels for Gulf funds and investors in the first quarter (Q1) of this year.
These hotels are Cairo Marriott Hotel, Sofitel Legend Old Cataract in Aswan, Marriott Mena House, Sofitel Winter Palace Luxor, Steigenberger Cecil Alexandria, Mövenpick Aswan, and “Elephantine” Aswan.
Egypt aims to promote the participation of the private sector to accelerate the pace of economic growth by offering state-run companies on the Egyptian Exchange (EGX), as well as through direct partnerships in projects and holding companies with major investors.
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