Cairo - Mubasher: The board of Genial Tours has approved on 29 January an EGP 300,000 subordinated loan, which will be provided by El-Khedewy for Construction and Development.
The interest-free loan has a one-year duration and will be repaid in quarterly instalments, according to a bourse filing.
The interest of the Central Bank of Egypt (CBE) will be applied to the loan if the repayment period exceeds one year.
Due to operations halt, the credit facility will be used to enhance the company's working capital and fulfil its financial obligations.
