ICEC

Banque Misr studies debt to land swap deal with Arab Contractors’ unit

Egypt’s second largest bank, state-owned Banque Misr is studying reaching a debt swap deal with one of Arab Contractors’ subsidiaries, high-profile sources told Amwal Al Ghad on Saturday.

If agreed, the bank would swap the debts into a land plot owned by the company, the sources said.

Banque Misr and the company have obtained the financial advisor’s assessment of what the land would cost, they added, saying if the two parties reach a debt swap deal, the ownership of the land would be transferred to the bank.

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