Egypt's TMG Holding seeks to amend five-star hotel deal with Egoth

The leading property developer has not reached any final agreement with state-run Egoth regarding the project

  
Image used for illustrative purpose. The 15th May Bridge, which spans the River Nile, and the surrounding buildings are seen in Cairo, Egypt, April 29, 2018.

Image used for illustrative purpose. The 15th May Bridge, which spans the River Nile, and the surrounding buildings are seen in Cairo, Egypt, April 29, 2018.

REUTERS/Mohamed Abd El Ghany

Cairo –   Talaat Mostafa Group Holding (TMG Holding) is looking at amending its agreement with the Egyptian General Co. for Tourism & Hotels (Egoth) through one of its subsidiaries.

Upon the deal, the Cairo-based real estate firm will develop a five-star hotel in Sultana Malak, Luxor, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The leading property developer has not reached any final agreement with state-run Egoth regarding the project, the statement added.

In February, TMG Holding reported EGP 1.77 billion in consolidated profits for fiscal year ended 31 December 2018, versus EGP 1.32 billion in 2017.

The company’s revenues rose to EGP 10.9 billion last year, versus EGP 8.53 billion a year earlier.

Source: Mubasher

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