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English news

09-Jun-2016

Court rules suspension of adjudication of Madinaty lawsuit

Talaat Moutafa Group (TMG) has announced that a court has ruled on 7 June to suspend the adjudication of the lawsuit raised against its subsidiary related to the validity of the Madinaty land contract, until a ruling is made on the constitutionality of the Investment law, which prevents third parties from challenging contracts between government and investors. We note that the appealed contract had ruled that Madinaty contract was legal and valid. (Company disclosure)   TMG Holding: EGP6.10 as of 08 June 2016, Rating: Buy, FV: EGP10.25 per share, MCap: USD1,418 million, TMGH EY / TMGH.CA

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