2 Mar 2010 07:00
March, 2nd, 2010
Subject: Palm Hills Developments acquires 52% of Macor for Securities Investment Company (S.A.E)
Palm Hills Developments has received the approval of The Egyptian Stock Exchange, dated 23rd of February 2010, to acquire 99,241 shares of Macor for Securities Investments Company (S.A.E) at a price of 1,421 EGP per share (US$ 259). Accordingly, Palm Hills Developments now owns a majority stake of 52% of Macor. The total deal amounts to 141,0221,461 EGP (US$ 25,686,969). Transfer of shares' ownership was executed on the 24th of February 2010.
Maccor for Securities Investments Company is a holding company with a controlling and minority stakes in a number of companies that own hotel establishments with a total of 762 rooms; namely; Sixth of October Company for Hotels and Tourist Services (Novotel Sixth of October), the Tourist hotels and Restraunts Company (Scarabee Floating Restaurants), Ismailia Tourist Company (Mercure Ismailia Hotel), Neama Company for Tourism and Real Estate Investment (Novotel Sharm el Sheikh), Accor Company Hotels (Management Company). This step is part of the company's strategy in diversifying sources of income from related sectors where PHD can leverage its expertise and its brand name while securing stable less cyclical sources of revenues.
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Chief Financial Officer
Ihab Swellem