Egypt’s Orascom Development Holding (ODH) announced on Sunday that it has settled its disputes with Falcon Hotels related to the purchase and development of Cape Citadel hotel and project located in Sahl Hasheesh.
The company added that this settlement will reverse 80.0% of US$ 60.0 million in previously formed provisions.
Falcon Hotels will recognize the entitlement of ODH to all revenues from the Cape Citadel project, effective immediately.
The company further noted, in a statement to the stock exchange, that this settlement will have a positive impact on the company’s profits/loss because it will receive $ 60 million. Based on management’s evaluation, the group decided to repay 80% of the value.