Cairo – Mubasher: Nile Cotton Ginning will pay EGP 231.1 million to settle its dispute with the Holding Company for Construction and Development (HCCD).
The company announced that the ministerial committee for settling investment disputes approved the settlement deal, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
The amount of EGP 231.1 million represents 10% of the land valuation difference and will be paid to the state-run HCCD.
It is worth noting that during the first nine months of fiscal year 2019/2020, Nile Cotton Ginning reported net profits of EGP 38.28 million, up from EGP 3.7 million in the year-ago period.