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Selling 39 percent shares of Rihana hotel at Red Sea
Egypt, Business, 4/26/1999
Oraskom Company for hotels decided sell 39% of the shares in the Rihana Hotel located in the El-Gouna region on the Red Sea to a major investor. The value of the shares floated up for sale amounts to 6 million pounds. These shares are promoted by a Cairo financial group.
The Rihana is a four-star hotel with a total value of 15 million pounds, in which Orascom owns 90% of its capital while the rest is owned by Belgian investors. The sale aims at upgrading the work of this hotel.
Previous Stories:
Negotiations to sell Cairo hotel
(4/24/1999)
Egyptian buys 40% of Swiss company's shares
(4/7/1999)
Inaugurating Cairo Conrad Hotel in February
(1/9/1999)
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