Reliable sources have told Amwal Al Ghad that the Egyptian tycoon Khairat Al-Shater, the former Muslim Brotherhood’s Deputy Supreme Guide, intends to buy 87.3% of the stakes of Safir Hurghada Hotel for EGP 10 million by the end of this week.
Sources mentioned that the buyout deal shall include seizing the stakes of the subsidiary of Export Development Bank of Egypt (EDBE) (EXPA.CA), Egypt Capital Holding which amount to 87.3% of Safir Hurghada Hotel’s total stakes.
“As pursuant to the deal, Egypt Capital Holding shall be the real estate appraiser.” Sources added
Worth mentioning, Al-Shater’s investments in Egypt include being owner of the Egyptian franchise for Turkish furniture trader Istikbal from January 2004 to the present and being the co-founder and owner of Sarar Company for Men’s Clothing with another partner Hassan Malek, an MB tycoon.
Al-Shater and Malek own 80% of stakes of company located in Al-Obour and 37.5% for each of Al-Sanabel Co. for Trade. In addition, Al-Shater owns Al-Shehab Co. for Cars and Virginia Co. for Tourism which Malek owns 33% of the stakes. There are also Fish farms owned by Abdul Rahman Seoudi, Hassan Malek, and Khairat Al-Shater. Agiad Co. for Services and Islamic Publishing House are owned by Hassan Malek and Khairat Al-Shater.
