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Monday, 27 July 2020

Media Production City acquires 64.7% of Arab Contractor’s stake in Arab Hotel Company

M&A WATCH- Media Production City acquires 64.7% stake in Arab Hotel Company from Arab Contractors subsidiaries: Six Arab Contractors subsidiaries sold a combined 64.7% stake in the Arab Hotel Company — which owns the Movenpick Hotel at the Egyptian Media Production City (EMPC) — to EMPC in a EGP 138 mn transaction, Al Shorouk reports, citing unnamed sources. The sale, which closed on 15 July, saw EMPC purchase 1,207,000 shares for EGP 115 apiece. EMPC said in June 2019 it was eyeing a 55% stake in the company, and in December purchased the National Bank of Egypt’s 17.4% stake in the company for EGP 115 per share.

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