Nov 23 2011 |
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Egypt Court Rules TMG Holding's Madinaty Land Deal Is Valid
Wednesday, Nov 23, 2011
CAIRO (Zawya Dow Jones)--Egypt's court has ruled that Talaat Moustafa Group Holding 's Madinaty project is valid, putting an end to a long-running legal battle over the land which was purchased directly from the state instead of at a public auction.
The country's Administrative Court ruled that the Madinaty scheme is "valid and correct and in compliance with the Egyptian laws", TMG 's statement said a statement published on the Egyptian developer's website.
But TMG said it would still contest a part of the ruling that states that unutilised parts of the land should be revalued.
TMG added that "given the prevailing market conditions", the company doesn't expect the re-evaluation to be materially different from the valuation conducted in November 2010, when the Madinaty contract was first signed.
TMG shares are trading +1.3% at EGP3.21 in an overall negative market Wednesday.
-By Farah Halime; Contributing to Dow Jones Newswires;
Fhalime@gmail.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
23-11-11 0909GMT
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