Arab Finance: The ordinary general meeting (OGM) of Rowad Tourism (Al Rowad) (ROTO) approved authorizing the board of directors to buy real estate assets at a maximum value of EGP 1 billion, according to a filing to the Egyptian Exchange (EGX) on August 21st.

The value of the purchases will be determined by an independent financial advisor appointed to evaluate the targeted assets.

Moreover, the OGM authorized the board of directors to sign purchase contracts for these assets (commutative contracts).

It is worth noting that Rowad Tourism incurred a consolidated net loss excluding minority interest of EGP 29.33 million in Q1 2022, versus a net profit of EGP 1.59 million in Q1 2021.

Rowad is an Egypt-based public shareholding company that operates in the tourism industry.