{"id":599462,"date":"2023-08-14T00:00:00","date_gmt":"2023-08-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/misr-hotels-company-denies-plans-to-offload-majority-stake\/"},"modified":"2023-08-14T00:00:00","modified_gmt":"2023-08-14T00:00:00","slug":"misr-hotels-company-denies-plans-to-offload-majority-stake","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/misr-hotels-company-denies-plans-to-offload-majority-stake\/","title":{"rendered":"Misr Hotels Company denies plans to offload majority stake"},"content":{"rendered":"

Misr Hotels Company does not intend to offload a majority stake <\/strong> 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<\/a> 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. <\/p>\n

All eyes are on the state\u2019s new hotel company: <\/strong> Misr Hotels is redirecting any expressions of interest to the government\u2019s new hotel company<\/a>, in which the Misr Hotel\u2019s parent company \u2014 the Holding Company for Tourism and Hotels (HOTAC) \u2014 owns a stake.<\/p>\n

Remember- <\/strong>The government earlier this year bundled seven of its historic hotels<\/a> into one firm that is selling shares as part of the Madbouly government\u2019s privatization program. Talaat Moustafa Group and a number of unnamed foreign investors recently agreed to invest USD 700 mn<\/a> in the company via a capital increase, handing them a 37% stake.<\/p>\n

Misr Hotels has its sights set elsewhere: <\/strong> The company has a number of investment and expansion plans and is looking at ways to partner up with investors, our source told us. <\/p>\n

Is FX a sticking point? <\/strong> The companies eyeing Misr Hotels for acquisition are reportedly searching for a foreign partner interested in transacting in hard currency, according to Al Shorouk. <\/p>\n

About the company: <\/strong>Established in 1955, Misr Hotels runs the Nile Ritz-Carlton and the Safir Dahab resort, according to its website<\/a>. 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).<\/p>\n

Shareholder structure: <\/strong> The lion\u2019s share of Misr Hotels Company belongs to the state-owned HOTAC, which holds a near 51% stake, according to a regulatory filing (pdf)<\/a> 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. <\/p>\n

On the up and up: <\/strong>The company gained 0.49% to close yesterday\u2019s trading session at EGP 134.00 per share. Misr Hotels\u2019 share price has more than doubled year-to-date, outpacing the EGX30\u2019s 22% gain in the same period. The company has repeatedly stated in EGX disclosures (here<\/a> and here<\/a>, pdfs) that it has not failed to disclose any significant developments that could affect its share price.<\/p>\n","protected":false},"excerpt":{"rendered":"

The denial follows reports that local firms are eyeing an acquisition<\/p>\n","protected":false},"author":1,"featured_media":599463,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[72,3621,955,11299,81,587,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-holding-company-for-tourism-and-hotels","tag-hospitality","tag-misr-hotels-company","tag-privatization-watch","tag-state-privatization-program","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"b976681d-ba6a-4238-ac4f-654691ea0a83","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/595.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Misr Hotels Company denies plans to offload majority stake","related_issue":[599457],"teaser":"The denial follows reports that local firms are eyeing an acquisition","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.d2a57221-474f-4836-b3ff-cd1843bf5e98.mp3"},"yoast_head":"\nMisr Hotels Company denies plans to offload majority stake - 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The government has\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/marriott-mena-house-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602803,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/07\/misr-hotels-company-exits-stake-in-hotac\/","url_meta":{"origin":599462,"position":1},"title":"Misr Hotels Company exits stake in HOTAC","author":"enterpriseam admin","date":"7 April 2019","format":false,"excerpt":"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\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":588703,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/15\/the-qataris-are-looking-at-our-hotels-report\/","url_meta":{"origin":599462,"position":2},"title":"The Qataris are looking at our hotels -report","author":"enterpriseam admin","date":"15 June 2023","format":false,"excerpt":"The fund is in talks with the Sovereign Fund of Egypt to acquire up to 30% of the hotels, according to sources","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/741.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546614,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/hotels-to-be-listed-on-the-egx-as-part-of-state-privatization-plans-tawfik\/","url_meta":{"origin":599462,"position":3},"title":"Hotels to be listed on the EGX as part of state privatization plans -Tawfik","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"Egypt will merge seven or eight state-owned hotels into a single entity ahead of a listing on the EGX, Public Enterprises Minister Hisham Tawfik told Bloomberg Asharq. The new entity will be offered to investors in coordination with the Sovereign Fund of Egypt (SFE) in the coming months, he said.Which\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/298.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582095,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/the-states-new-hotel-company-is-ready-to-go-to-market-but-is-a-30-stake-enough\/","url_meta":{"origin":599462,"position":4},"title":"The state\u2019s new hotel company is ready to go to market \u2014 but is a 30% stake enough?","author":"enterpriseam admin","date":"13 February 2023","format":false,"excerpt":"A new state-owned company that will own a portfolio of seven five-star properties nationwide could offer as much as 20-30% of its shares to private investors as part of the Madbouly government\u2019s privatization program, Hapi Journal reports. The seven hotels are now owned by the state\u2019s Holding Company for Tourism\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/marriott-menahouse-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586377,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/emaar-to-open-three-new-hotels-in-egypt-by-2024-plus-new-gasc-tender-and-a-fresh-acquisition\/","url_meta":{"origin":599462,"position":5},"title":"Emaar to open three new hotels in Egypt by 2024. PLUS: New GASC tender and a Fresh acquisition","author":"enterpriseam admin","date":"10 May 2023","format":false,"excerpt":"Two hotels will open their doors this year","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/546.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=599462"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599462\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/599457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599463"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599462"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599462"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}