TMG files lawsuit again NUCA for cancellation of accumulated interest
Talaat Moustafa Group has filed a lawsuit against the New Urban Communities Authority (NUCA) to cancel the interest accumulated on its pending payment worth EGP1.12bn due to NUCA in exchange for change in part of Madinaty the land nature form residential to commercial. TMG has claimed that interest has been accumulated retroactively, resulting in an interest expense that is 350% on the due payment of EGP1.12bn. (Al Borsa) TMG Holding: EGP5.69 as of 05 October 2016, Rating: Buy, FV: EGP10.25 per share, MCap: USD1,322mn, TMGH EY / TMGH.CA
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