Imex International agreed to acquire Le Méridien Heliopolis Hotel from National Company for Housing Professional Syndicates SAE (CASE:NHPS) for approximately EGP 610 million on December 29, 2019. Of the total consideration, 50% will be paid upon signing the preliminary agreement and the remaining amount will be paid over five years with a declining annual interest rate of 13.5%. As on July 22, 2020, National Company for Housing Professional Syndicates SAE amended the terms of consideration as per new amendment, consideration of EGP 151 million representing 25% of total consideration will be paid as down payment and the 75% of the hotel amount that worth EGP 453 million, will be paid on quarterly instalments over 5 years after lapsing the first year of signing of the agreement. The transaction has been approved at the extraordinary general meeting of National Company for Housing Professional Syndicates. As of June 22, 2020, National Company for Housing for Professional Syndicates called for an extraordinary general meeting to review amending the payment terms of the transaction. National Bank of Egypt acted as the financial advisor to National Company for Housing Professional Syndicates.