The Egyptian Media Production City’s (EMPC) board has ratified the acquisition of the National Bank of Egypt’s (NBE) stake in Arabian Hotel Media Production City Co. at EGP 115 per share, Invest-Gate reports.

The move, which came during the board meeting on December 14, brings EMPC’s stake in Arabian Hotel to 27.98%, of which 33,200 shares – or 17.14% –  were acquired from NBE, according to the company’s bourse filing on December 15.

In August, EMPC approved extending its agreement with KSA-based Al Hokair Group to redevelop and manage Magic Land, the former’s amusement park in west Cairo, under a build-operate-transfer (BOT) framework.

Under the new 30-year contract, Al Hokair will invest USD 55.9 mn (EGP 924.86 mn), instead of USD 30 mn (EGP 496.35 mn) only, over a bigger land area of 281.59 square meters, which was raised by 130.42 square meters compared to the former deal, EMPC said in a previous statement.