Egyptian Resorts Company (ERC) has denied the news reported yesterday by local newspaper, Al Mal, related to ongoing negotiations with Pyramisa Hotels (Pyramisa) for land replacement and delayed infrastructure. ERC has clarified that an agreement has been reached with Pyramisa to resolve their dispute out-of-court. The agreement includes offering Pyramisa a land plot in phase I to establish a labour complex, in exchange for the withdrawal of all pending lawsuits by Pyramisa. ERC has also denied the news regarding delayed infrastructure-enabling at Sahl Hasheesh, confirming that infrastructure is well-enabled. (Company disclosure)   Egyptian Resorts: EGP0.87 as of 17 May 2016, Rating: Neutral, FV: EGP0.87 per share, MCap: USD103 million, EGTS EY / EGTS.CA