Following an approval by The Egyptian Arab Land Bank, the Egyptian Real Estate Group will give an anticipated payment of EGP 47,84m to settle its balance of indebtedness.
The company’s general assembly had previously agreed to pay in advance the rest of its due installments to the bank, which are estimated at EGP 64,6m.
National Bank of Egypt owns 33.06 per cent of the Egyptian Real Estate Group, while the Suez Canal Bank has 11.23 per cent.
Based on this anticipated payment, the company receives an EGP 16.76m cut, in addition to eliminating the provision of loans’ interests, which is estimated at EGP 9.7m of revenues.
