Thursday, Sep 27, 2012
DUBAI (Zawya Dow Jones)--Talaat Moustafa Group Holding (TMGH.CI), Egypt's biggest property developer by market value, said Thursday that it is studying a 1.2 billion Egyptian pounds ($196 million) loan to finance the building of a commercial mall and sports club near Cairo, amid signs that the real estate sector in Egypt is picking up following the uprising last year that saw the ouster of former president Hosni Mubarak.
The loan for the project at Madinaty, a residential and business development, is still under study and no decision has been made, TMG said in a statement on the Egyptian Stock market website.
Egypt's court had nearly a year ago ruled on the validity of the Madinaty project, which was involved in a long-running legal battle over the land which was purchased directly from the state instead of at a public auction.
TMG in August reported an 11% drop in first-half profit to EGP328.8 million from EGP371.2 million a year earlier.
TMG shares trade down 1.8% at EGP5.6 Thursday.
Write to Shereen El Gazzar at Shereen.elgazzar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
27-09-12 1014GMT
