Cairo – Mubasher: Egyptian Media Production City received EGP 55 million in debt owed by the Egyptian Radio and Television Union (ERTU).
Media Production City recovered total debts of EGP 83 million owed by ERTU, said a bourse statement.
Meanwhile, the company decided to resume operating of Magic land gradually starting from the upcoming year.
Resuming the operations in the Magic land will be self-financed from
the Media Production City's resources, which in turn expected to boost
the company's earnings and its stock price.
Earlier, the
Egyptian listed firm settled a major portion of the accumulated debts
it owes to the National bank of Egypt (NBE) since 2000, said Osama
Heikal , Chairman and Managing Director.
The company paid an amount of EGP 90 million between December 2014 and
July 2015 and the remaining amount of EGP 30 million is expected to be
paid by the end of 2015, added Heikal.
Media Production City reported EGP 12.1 million in net profits for the first quarter of 2015, compared with EGP 10.8 million for the same period of 2014.
