Cairo – Mubasher: Marsa Alam for Tourism Development signed a settlement agreement worth $2.27 million to clear its debts to the National Bank of Egypt (NBE), said the company in a bourse filing on Monday.

The company will pay this amount in light of the pre-flotation exchange rate at EGP 8.88 per dollar, totaling EGP 20.2 million, the filing revealed, indicating that its indebtedness was doubled following the pound’s devaluation.  

Upon signature, Marsa Alam paid EGP 15 million and the remaining sun will be given on two biannual tranches worth EGP 3 million on 17 May and EGP 2.2 million on 17 November.

The company will be exempted from $910,000 after fully complying with this agreement, according to the filing.

The stock was 1.09% lower to EGP 0.91 by 11:45am Cairo time.