Negotiations to sell Cairo hotel
Egypt, Business, 4/24/1999

ArabicNews.com has learned that the holding company for tourism and housing began to receive offers to buy the Cairo Helnan Shepherd Hotel.

The most prominent of those who presented offers were: Anan El-Galali, the chairman board of directors in Helnan company for hotels' management, and the National Company for Investments and Hotels, which is the closest to winning the deal, especially as this company has won the contract to buy Cairo Shereton at a value of 50 million pounds.

The National Company for Investments and Hotels is a joint company. 30% of its capital is owned by Egyptians, and the remaining 70% is owned by Libya.

The decision to sell the Helnan Shepherd Hotel comes within the framework of the Egyptian government's plan to continue the project of privatizing general projects, specifically the origins of the Holding Company for Housing, Cinema and Tourism, which owns more than 17 hotels, four movie studios and areas set for building.

Previous Stories:
  Selling the Egyptian government's shares in the joint banks   (4/9/1999)
  Privatization of Egyptian cinema begins   (3/5/1999)
  Two British offers to buy an Egyptian insurance company   (2/19/1999)

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