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Sarwa Capital to issue financing bonds for Porto Group

Sarwa Capital to issue financing bonds for Porto Group
Sarwa Capital to issue financing bonds for Porto Group
ARAB Developers Holding
ARAB
-2.04% 2.40 -0.05

Cairo – Mubasher: Porto Group Holding’s board of directors has assigned Sarwa Capital Holding for Financial Investments to consider bonds issuance to finance the group’s projects.

Abdel Mohsen Mahmoud, Tamer Saleh, and Mohammed Abdel Gabar Keshk will work individually or as a team to approve the board meeting’s decisions with the Financial Regulatory Authority (FRA), Porto Group said in a statement to the Egyptian Exchange (EGX) on Monday.

Earlier this month, Porto Group posted an EGP 114.64 million in consolidated profits for fiscal year 2018, down 53% from EGP 245.5 million in the same period of 2017.

Revenues grew to EGP 1.66 billion in the 12-month period ended last December from EGP 2.38 billion in 2017.