Cairo – Mubasher: Talaat Mostafa Group Holding (TMG) on Tuesday said that to-date, it has been able to self-finance its Four Seasons Sharm El Sheikh expansion project by $213 million.
The remaining $170 million required to complete the project will be self-financed as well, the company said in a statement to the Egyptian Exchange (EGX).
In August, TMG said it was implementing an expansion of the Four Seasons Sharm El Sheikh hotel in cooperation with Kingdom Holding Company (KHC) at EGP 7 billion investments.
Originally inaugurated in 2002, the hotel’s expansions involve adding 800 new rooms, making the hotel the largest in the world with 1,400 keys.
In a separate statement on Tuesday, TMG denied news that KHC or its chairman prince Alwaleed bin Talal had any investments in the Egyptian company.
Last week, TMG reported a 72.7% sales growth to EGP 9.5 billion in the first nine months of 2017 versus EGP 5.5 billion in sales in the year-ago period.
Meanwhile, its profits for the period amounted to EGP 1.058 billion, up from EGP 616.39 million in the corresponding nine-month period of 2016.