Cairo – Mubasher: Talaat Mostafa Group Holding (TMG) on Tuesday stated that neither Saudi prince Alwaleed bin Talal nor his firm Kingdom Holding Company (KHC) had any investments or contributions in TMG or its subsidiaries.

TMG said it received several inquiries from both local and global investment funds regarding bin Talal’s investments, which the company has denied in a statement to the Egyptian Exchange (EGX).

On Monday, TMG’s stock ranked among the EGX’s major losers following the news that the Saudi government had arrested a number of former and current ministers and around 11 princes including Alwaleed bin Talal as part of an anti-corruption probe.

In August, Egypt’s Ministry of Investment said that KHC’s chairman Alwaleed bin Talal was looking to increase his investments in Egypt by $800 million in partnership with TMG.

TMG had said at the time that it would conduct a number of studies pertaining to such investments.

Last week, TMG reported a 72.7% growth in sales in the first nine months of 2017 to EGP 9.5 billion versus EGP 5.5 billion in sales in the year-ago period.

TMG’s profits amounted to EGP 1.058 billion during the period from January to September, up from EGP 616.39 million in the year-ago period.

By 1:31 pm Cairo time, TMG’s stock fell 0.66% to EGP 9, erasing some of its earlier losses after it had dropped to EGP 8.95 at the start of the session.