Cairo – Mubasher: Taalat Moustafa Group Holding (TMG) on Monday denied buying an airport land in Alexandria, in response to reports circulating in the media, according to a bourse filing.
CEO Hisham Talaat Mostafa’s visit to Saudi Arabia to meet the Kingdom's minister of housing came as part of the activation of a memorandum of understanding (MoU) signed in April 2016, the company added.
Mostafa visited Saudi Arabia just three weeks after being released from prison to meet officials at the Saudi ministry of housing, aiming to reach an agreement to set up a syndicated housing project, sources told El Shorouk newspaper.
In April 2016, TMG Holding’s subsidiary Arab Company for Projects and Urban Development had contracted to purchase 500 acres in Egypt's New Administrative Capital for EGP 4.4 billion in order to establish an integrated urban project over seven years.
Mostafa is seeking to purchase new land plots as he is studying several investment opportunities, most notably the airport land in Alexandria on an area of 4,000 acres to establish a new city similar to Madinaty, the newspaper added.
The company is working to settle the matters with the New Urban Communities Authority (NUCA).
By 10:10 am Cairo time, TMG Holding’s stock inched up 0.4% to EGP 7.54.
