Remco Pays Off US$ 16 Bln Debt To Misr Iran Bank In 2014
Remco for Touristic Villages Construction will finalize paying all installments of its US$ 16 million debt to Misr Iran Development Bank in 2014, said Ayoub Adly Ayoub, chairman of the company.
The company borrowed US$ 10 million from Misr Iran Bank in August 2009 to resume the establishment of Stella Resort & Spa in Sharm El Sheikh in order to be re-opened. The company agreed to pay off the loan in 16 quarterly installments (each installment before interest is US$ 625,000) at 2.5% annual interest rate to finalize all payments on March 31st, 2014, he added.
Remco for Touristic Villages Construction borrowed again from the same bank US$ 6 million to resume its expansions in Stella Hotel in Sharm El Sheikh and it will pay off the debt in 16 quarterly installments (each installment before interest is US$ 375,000) to finalize all payments on November 15th, 2014, Ayoub revealed.
