Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) on Thursday denied plans to borrow EGP 1.5 billion from banks, according to a bourse filing.
The Egyptian Exchange (EGX) decided to suspend trading on TMG Holding’s stock as of Thursday, 14 June until the property developer gives a response.
It is worth noting that sources told Al Alam Al Youm Newspaper that the EGX-listed firm was planning to obtain an EGP 1.5 billion loan from banks to implement Celia project in the New Administrative capital.
The sources added that Banque Misr is the lead arranger of the loan along with other lenders including National Bank of Egypt (NBE).
