Cairo – Mubasher: Remco for Tourism Villages Construction and its sister and subsidiary companies are in negotiations over a long-term syndicated loan worth EGP 3.3 billion.
The first tranche of the loan, valued at EGP 2.438 billion, will be used to refinance the financial leasing contracts of Technolease for Financial Leasing, the sister company of Remco, with EGP 2.138 billion and finance Remco’s debt owed to Banque Misr with EGP 300 million, according to a bourse disclosure on Sunday.
The second tranche of EGP 862 million will be used to finance the working capital of Remco, the statement showed.
The funding comes within Remco’s strategy for financial, investment, operating, administrative, human capital, marketing, and technical restructuring.
Banque Misr will act as the lead mandated arranger of the syndicated loan.
During the first nine months of 2020, Remco incurred net losses of EGP 52.2 million, down from EGP 204.45 million in the year-ago period.
