TMG de­nies Al­waleed bin Talal in­vest­ments as com­pany’s stock falls

The Daily News Egypt - - Front Page - By El­sayed Soly­man

Talaat Mostafa Group Hold­ing (TMG) on Tues­day said in a press state­ment that nei­ther Saudi prince Al­waleed bin Talal nor his firm King­dom Hold­ing Com­pany (KHC) had any in­vest­ments or con­tri­bu­tions in TMG or its sub­sidiaries.

The com­pany said it re­ceived sev­eral in­quiries from both lo­cal and global in­vest­ment funds re­gard­ing bin Talal’s in­vest­ments, which the com­pany has de­nied in a state­ment to the Egyp­tian Ex­change (EGX).

On Mon­day, TMG’s stock suf­fered ma­jor losses fol­low­ing the news that the Saudi gov­ern­ment had ar­rested a num­ber of for­mer and cur­rent min­is­ters and around 11 princes, in­clud­ing Al­waleed bin Talal, in an anti-cor­rup­tion probe.

In Au­gust, Egypt’s Min­istry of In­vest­ment said that KHC chair­per­son Al­waleed bin Talal was look­ing to in­crease his in­vest­ments in Egypt by $800m through a part­ner­ship with TMG.

TMG had said at the time that it would con­duct a num­ber of stud­ies per­tain­ing to such in­vest­ments.

In a sep­a­rate press re­lease, the com­pany said that it has been able to self-fi­nance its Four Sea­sons Sharm El-Sheikh ex­pan­sion project by $213m.

The re­main­ing $170m re­quired to com­plete the project will be self-fi­nanced as well, the com­pany said in a state­ment to the Egyp­tian Ex­change (EGX).

TMG’s prof­its amounted to EGP 1.058bn dur­ing the pe­riod from Jan­uary to Septem­ber, up from EGP 616.39m a year ago.

TMG’s stock fell 0.33% to EGP 9, eras­ing some of its ear­lier losses af­ter it had dropped to EGP 8.75.

Al­waleed bin Talal

Newspapers in English

Newspapers from Egypt

© PressReader. All rights reserved.