TMG: Talks Over EGP 1.2 Bln Loan Still Under Study

Responding to the Egyptian Exchange (EGX)’s inquiries, Talaat Moustafa Group (TMG) (TMGH.CA) asserted that it is studying a number of offers from banks so as to receive a long-term loan to finance the establishment of a mall in Madinaty City, New Cairo.

The banks’ offers are still under study and the Group had not resolved to accept one of those offers yet, TMG affirmed.

This was after Amwal Al Ghad had published Wednesday saying that TMG is conducting negotiations with a number of banks to receive a long-term loan worth EGP 1.2 billion to finance the establishment of a mall in Madinaty City, New Cairo.

Sources told Amwal Al Ghad that TMG submitted a request to the Arab African International Bank (AAIB) asking for the finance and the bank plans to ask other banks particularly Banque Misr which prepares a feasible study on the project to contribute to arranging and managing the loan.

AAIB and the Commercial International Bank (CIB) offered in October 2012 finance worth EGP 855 million for TMG used to finance the Company’s expansions of Four Seasons Hotel in Sharm El-Sheikh, sources added.