Consortium including Talaat Moustafa subsidiary buys $700 mln stake in Egypt hotel holding firm

A consortium that includes Egypt’s Talaat Moustafa Group Holding (TMG Holding) has bought a stake in a state-owned hotel holding company, Planning Minister Hala al-Saeed said on Tuesday during a Cabinet press conference.

Minister al-Saeed explained that the consortium, including a TMG Holding subsidiary, Arab Company for Hotels & Tourism Investment (ICON) and a foreign investor, has acquired 37 percent stake through a deal to raise $700 million by increasing the capital of the hotel holding company.

The move is part of a programme to boost the private sector engagement and raise scarce hard currency, Prime Minister Mostafa Madbouly said in the conference.