Talaat Moustafa seeking $261m loan
Cairo, September 19, 2013
Egypt's Talaat Moustafa Group is negotiating a 1.8 billion Egyptian pound ($261 million) loan with banks for work on its Rehab property development in Cairo's eastern outskirts, the company said on Thursday.
TMG, like most property developers in Egypt, has suffered deeply from economic turmoil since a popular uprising in 2011 that drove president Hosni Mubarak from office.
"The company applied to obtain a long-term loan to finance construction work at its Rehab extension project. We will inform the stock exchange when the talks are completed and the loan is signed," it said in a statement published on its website. - Reuters