Egypt’s Nabq Sinai plans to build EGP 300-400 mn hotel in Ain Sokhna

Hotelier Nabq Sinai is planning to build a new EGP 300-400 mn hotel in Ain Sokhna, which will be financed through equity and proceeds from its planned IPO, Chairman Hossam Attia tells Al Mal. The company is expecting to finalize the preparations for an IPO to sell 25% of its shares, which we had noted last month, by 31 March. The company’s plans to raise its capital to EGP 100 mn from EGP 60 mn to meet regulatory requirements for the IPO is pending approval from the Tourism Development Authority.