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English news

22-Mar-2018

Cleopatra’s Nile Badrawy Hospital not under administrative suspension; could pay EGP7mn fine on land dispute

Cleopatra Hospitals Company [CLHO.CA] refuted claims that Nile Badrawy Hospital is under administrative suspension as a result of a pending case from the General Authority for River Transportation. The plaintiff has demanded that the hospital pay a total of EGP7mn as compensation for trespassing on land owned by the authority. Cleopatra’s appeal of the decision was denied, but no final settlement has been reached yet; however, the company reserves the right to pass on the fine to the previous owners as per the conditions of the purchase agreement. The fine represents less than 2% of the shareholders’ equity

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