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Misr Hotels Company does not intend to offload a majority stake and has received no offers from local companies for an acquisition, a source at the EGX-listed company told Enterprise yesterday. An article published by Al Shorouk on Saturday had claimed that a number of unnamed local firms are looking to submit an offer to acquire a majority stake in Misr Hotels.
All eyes are on the state’s new hotel company: Misr Hotels is redirecting any expressions of interest to the government’s new hotel company, in which the Misr Hotel’s parent company — the Holding Company for Tourism and Hotels (HOTAC) — owns a stake.
Remember- The government earlier this year bundled seven of its historic hotels into one firm that is selling shares as part of the Madbouly government’s privatization program. Talaat Moustafa Group and a number of unnamed foreign investors recently agreed to invest USD 700 mn in the company via a capital increase, handing them a 37% stake.
Misr Hotels has its sights set elsewhere: The company has a number of investment and expansion plans and is looking at ways to partner up with investors, our source told us.
Is FX a sticking point? The companies eyeing Misr Hotels for acquisition are reportedly searching for a foreign partner interested in transacting in hard currency, according to Al Shorouk.
About the company: Established in 1955, Misr Hotels runs the Nile Ritz-Carlton and the Safir Dahab resort, according to its website. Its net income more than doubled y-o-y to EGP 819.8 mn in FY 2022-2023 on revenues of EGP 976.0 mn (+86% y-o-y).
Shareholder structure: The lion’s share of Misr Hotels Company belongs to the state-owned HOTAC, which holds a near 51% stake, according to a regulatory filing (pdf) last month. The stock is something of a favorite for retail investors: Some 35% of the company is held by individual investors, with the remaining shares in freefloat.
On the up and up: The company gained 0.49% to close yesterday’s trading session at EGP 134.00 per share. Misr Hotels’ share price has more than doubled year-to-date, outpacing the EGX30’s 22% gain in the same period. The company has repeatedly stated in EGX disclosures (here and here, pdfs) that it has not failed to disclose any significant developments that could affect its share price.
