Remco Announced Talks With NBE Over Debt Settlement

In a filling statement to the EGX, Remco for Touristic Villages Construction stated that it is currently in talks with the National Bank of Egypt (NBE) over settling the debts owed by Remco as a result of acquiring some of the companies previously owned by the businessmen Rami Lakah. Remco seeks to settle its debts by offering NBE real estate assets in return.

Remco added that the bank has not given approval or refusal over the debt settlement scheme, and that it will declare any developments of the issue when reaching an agreement.

Amwal Al Ghad earlier reported exclusively last Saturday that Ayoub Adly Ayoub, chairman of Remco for Touristic Villages Construction, presented a new debt settlement scheme offering NBE some units at Stella Heliopolis and Stella Heights North Coast in exchange for writing-off Lakah’s debt which is EGP 230 million.

NBE has not given an approval or refusal till now as the legal affairs department still studies such scheme which will enable the lenders receive their dues as a lump sum, though it will be in real estate assets, sources added, noting that real estate market is expected to recover in the upcoming period.

The lenders received guarantees in the form of treasury bills and bonds worth EGP 150 million as well as real estate assets.