Cairo – Mubasher: Amer Tourism Development Company, a 60%-owned subsidiary of Amer Group Holding Co, has inked an EGP 650 million contract with Banque Misr.
Under the contract, the company will be granted an EGP 350 million medium-term loan to finance part of Porto El Minya project, spanning over 250,000 square metres, according to a bourse filing on Thursday.
Banque Misr will also provide Amer Tourism Development with an EGP 300 million credit facility to finance Porto Said project, covering an area of 400,000 square metres.
It is noteworthy to mention that in the first nine months (9M) of 2021, the company reported consolidated net profits of EGP 187.92 million, a leap of 1,783% year-on-year (YoY) from EGP 9.98 million, including minority shareholders' rights.
