OTMT approves buying 51% stake in Inertia

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Thu, 21 Dec 2017 - 11:25 GMT

The Grand Nile Tower Hotel (2003) overlooking the river at Cairo, Egypt, was part of the Hyatt chain until 2011. A revolving restaurant is on the 40th floor., Jan. 23, 2013 - Flickr/David Stanley

The Grand Nile Tower Hotel (2003) overlooking the river at Cairo, Egypt, was part of the Hyatt chain until 2011. A revolving restaurant is on the 40th floor., Jan. 23, 2013 - Flickr/David Stanley

CAIRO – 21 December 2017: The board of directors of Orascom Telecom Media and Technology Holding (OTMT), headed by company CEO Naguib Sawiris, approved Thursday acquiring 51 percent of real estate company Inertia Holding Group.

The board is yet to determine the purchase price and the acquisition value. Inertia’s shareholders are also yet to approve the deal.

During the meeting, board members approved forming a consortium between OTMT and Inertia to bid in auctions launched by the New Urban Communities Authority (NUCA), until the acquisition becomes effective.

Established in 2009, Egyptian leading real estate company Inertia Holding Group delivered eight projects across the country, planning to expand its portfolio of projects to meet the requirements of increasing demands.

OTMT recorded net loss in the third quarter of 2017 at LE 128.4 million, compared to a loss of LE 54.2 million in Q3 2016.

Meanwhile, the company’s operating revenue stood at LE 358.9 million up from LE 122.6 million in the corresponding quarter last year.

For the first nine months of 2017, OTMT achieved a net profit of LE 239.9 million compared to a net loss of LE 38.7 million a year ago.

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