El Arabia for Land Reclamation Co. (Arclam) said its board of directors has approved the financial study prepared by Elasema for financial consultations, where it set the company's Fair Value -FV at EGP18.77 per share.

Meanwhile, the value of the company's total assets stood at EGP151.3 million, according to the study.

Also, the company's board approved the settlement proposal submitted by Saudi for Investment and Development Co. in respect to the amount it owes to Arclam for implemented operations at Farida village in Suez.

Saudi Co owes Arclam EGP4 million for the project, which will be paid with a cheque.

Arclam agreed to withdraw the lawsuit against the company in return.