Misr Hotels Company exits stake in HOTAC

Misr Hotels Company has announced it will divest from the Holding Company for Tourism and Hotels (HOTAC) as a result of HOTAC failing to pay VAT on revenues from the Nile Ritz-Carlton, according to reports in the local press. HOTAC has paid EGP 1.5 mn of the EGP 34.8 mn owed and the case has been referred to the prosecutor general for tax evasion.