Cairo-Mubasher: Tourism Urbanization board gave the go-ahead for conducting feasibility studies on raising a loan from Banque Misr, to be injected into the company's capital, the company said in a bourse statement.
The loan will be repaid through the cash flows of future projects, the firm added.
The lender stipulated that the company should contract an advisory office to conduct feasibility studies on the investments targeted from 2016 to 2026.
The EGX-listed firm posted net losses of EGP 20 million for the fiscal year ended 31 December 2015, compared with EGP 8.24 million a year earlier.
The company operates with EGP 65.188 million in capital, divided into 6.5 million shares.
