Egypt’s Talaat Moustafa denies getting 1.5 bln pounds from banks

Egypt’s largest listed real estate developer firm, Talaat Moustafa Group Holding (TMG) denied Wednesday that it is hopes to borrow 1.5 billion Egyptian pounds ($84 million) from banks.

During the three months ended in March 2018, the company has achieved profits worth 340.6 million pounds up from 305.2 million pounds during the same period in 2017.

Revenues rose to around 1.6 billion pounds during the first quarter of the year, compared with 1.2 billion pounds during the same period a year earlier.