Monday, Sep 20, 2010
DUBAI (Zawya Dow Jones)--Egypt's Minister of Finance said Monday that the government is keen to protect the rights of unit owners, investors and shareholders of Talaat Mostafa Group's Madinaty development.
"The crisis will not affect the Egyptian market or the investment appetite in Egypt especially given that the government is keen to protect the rights of unit owners, investors and shareholders," the minister said in an emailed statement.
A legal committee will be formed soon to study the case and represent it in front of the public prosecutor, the minister added.
Egypt's High Administrative Court rejected last week the appeal submitted by TMG and the New Urban Communities Authority related to their Madinaty land deal.
The court ruled that land for TMG's flagship Madinaty development in new Cairo was directly given to TMG by the Ministry of Housing through the ministry's New Urban Community Authority and not allocated through a competitive bidding process.
TMG shares closed 2.3% higher Monday at EGP6.68. They slumped about 8% on the court ruling last week.
-By Shereen El Gazzar, Dow Jones Newswires; +2 012 4298286; Shereen.elgazzar@dowjones.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
20-09-10 1402GMT
