Cairo – Mubasher: Egyptian Company for International Tourism Projects (Americana Egypt) announced that Egypt’s economic court has rejected a lawsuit filed by some shareholders against Americana Egypt and UAE’s Adeptio AD Investments.
The Egyptian court rejected the lawsuit concerning the compulsory buyout of shares owned by plaintiffs in Americana, according to a statement to the Egyptian Exchange (EGX) on Thursday.
During the first quarter of 2019, Americana Egypt suffered net losses of EGP 50.45 million, versus net profits of EGP 51.88 million in the year-ago period.
Year-on-year, the company’s general and administrative expenses rose to EGP 24.36 million in Q1-19 from EGP 20.508 million.
