Remco for Tourism Villages Construction and its sister and subsidiary companies are in negotiations over a long-term syndicated loan worth 3.3 billion Egyptian pounds.
The first tranche of the loan, valued at 2.438 billion pounds, will be used to refinance the financial leasing contracts of Technolease for Financial Leasing, the sister company of Remco, with 2.138 billion pounds.
It will be also used to finance Remco’s debt owed to Banque Misr with 300 million pounds, according to a statement.
The second tranche of 862 million pounds will be used to finance the working capital of Remco, the statement showed.
The funding comes within Remco’s strategy for financial, investment, operating, administrative, human capital, marketing, and technical restructuring.
Banque Misr will act as the lead mandated arranger of the syndicated loan.
