State-owned company, affiliates plan to purchase USD 10 mn Marsa Alam resort

State-owned Holding Company For Tourism and two of its subsidiaries are planning to purchase the privately-owned Carnelia Beach Resort in Marsa Alam for USD 10 mn, sources familiar with the matter told Al Mal. The three companies set up a EGP 100 mn new company for the purchase, in which the holding company owns a 10% stake, and its subsidiaries the Egyptian General Company for Tourism and Hotels (EGOTH) and Misr Hotels own 45% each.