TMG Holding, a prominent real estate company led by Egyptian tycoon Hisham Talaat Moustafa, has successfully concluded the acquisition of a 51-percent majority equity stake, along with full management rights, in Legacy Hospitality Company (Legacy), a newly established firm boasting a unique portfolio of seven hotels in Egypt.
In a press release issued today, TMG Holding announced the completion of the final acquisition contract, solidifying its control over Legacy Hospitality. The deal, which was initiated in December when ICON, TMG’s hospitality arm, acquired 39 percent of Legacy, was finalized with the reimbursement of the remaining sum. This strategic move is part of an agreement between the Egyptian government and TMG, designed to bolster Egypt’s foreign currency reserves.
TMG Holding’s acquisition makes it leading force in Egypt’s tourism and real estate landscape
TMG Holding, known for its influential position in Egypt’s real estate industry since its inception in 1974, has further strengthened its position with this acquisition. The company, led by the wealthy investor Hisham Talaat Moustafa, has taken steps to address Egypt’s foreign currency shortage by generating revenue in dollars through its hospitality ventures.
By completing this transaction, TMG has transferred the agreed deposit to an escrow account in the Egyptian banking sector. This move effectively adds 2,500 keys to the group’s operational hotel room base, bringing ICON’s total to an impressive 5,000. TMG Holding now stands as the largest luxury hospitality platform in Egypt, contributing significantly to the country’s tourism and economic growth.
Legacy Hospitality acquisition to enhance operational efficiency and attract premium tourism
Hisham Talaat Moustafa, recognized as one of the wealthiest investors on the Egyptian Exchange and in North Africa, holds a 43.16-percent investment in TMG, equivalent to 890,633,483 ordinary shares.
The recent acquisition aligns with TMG’s strategy to maximize recurring income activities, enhance foreign currency resources, and create spare liquidity for future dividends or reinvestment in quality recurring income assets.
With the inclusion of Legacy Hospitality into TMG’s portfolio, the group aims to leverage its extensive expertise in managing large-scale hospitality operations. This move is expected to improve operational efficiency in Legacy’s heritage properties, attracting higher quality tourism to Egypt and contributing to the country’s overall tourism sector.
TMG Holding’s latest acquisition not only solidifies its position as a key player in Egypt’s real estate and hospitality sectors but also underscores its commitment to sustainable growth and economic prosperity for the nation.
