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.