Cairo-Mubasher: Talaat Moustafa Group Holding (TMG) will complete the expansion and start operation at its Four Seasons Sharm El Sheikh project in early 2019, the real estate developer said in a bourse statement on Thursday.
The project’s investment cost has reached EGP 1.38 billion as on 31 December 2015.
The expansion project includes 99 hotel rooms, restaurants, swimming pools, villas and chalets, a meeting room and a golf course, as well as other integrated services.
News reports earlier stated that TMG is carrying out the expansion in two years, with investments reaching EGP 1.8 billion.
The company’s consolidated earnings for the period ended 30 September 2015 rose 8.9% .
The stock leapt 2.4% to EGP 4.61 in Thursday’s early trade, with a turnover of EGP 1.8 million.
