Porto Group signs joint, several guarantees with Banque Misr

Porto Group (PORT) will provide a joint and several guarantees to Banque Misr

ArabFinance: Porto Group (PORT) will provide a joint and several guarantees to Banque Misr to ensure Porto for Tourism Development, according to the Porto Group’s August 6th statement filed to the Egyptian Exchange.

Porto for Tourism Development signed an agreement with Banque Misr to secure EGP 500 million.

On August 5th, Porto Group’s board of directors approved providing the joint and several guarantees.

Porto Group incurred a consolidated net loss of EGP 16,344,421 in Quarter one (Q1) of 2020, against a net profit of EGP 59,598,172 achieved in Q1 2019.

Standalone net loss reached EGP 2,386,329 in Q1, compared to EGP 2,351,102 incurred in the prior-year period.

Porto Group is an Egypt-based holding company. It is engaged in the following segments through its subsidiaries: education, marketing, real estate, investment, and management.

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