Talaat Moustafa Eyes Long-Term Co-Financing Worth EGP1.8 bln

By Yomna Yasser On Sep 16, 2013

Talaat Moustafa Group Holding Co. S.A.E. (TMG Holding) (TMGH.CA), Egypt’s biggest listed property developer, is currently holding negotiations with a number of local banks seeking to obtain a long-term co-financing worth EGP 1.8 billion. The Group is looking forward to resuming one of its projects in Rehab City.

Senior banking sources informed Amwal Al Ghad on Monday that the National Bank of Egypt (NBE), Banque Misr along with Arab African International Bank (AAIB) have received in September a request from TMG Holding, asking for a loan.

The three lenders are currently reviewing TMG’s request as well as conducting feasibility study, the sources added.

Moreover, the sources noted that the three banks are intending to sign a term sheet with TMG within days following the completion of the feasibility study so as to go for signing the loan agreement.