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Porto Group takes procedures to claim $39.9m from Antaradus

Porto Group takes procedures to claim $39.9m from Antaradus
Porto Group logged a net profit of EGP 59.59 million in Q1-19
Amer Group
AMER
-2.06% 1.00 -0.02
ARAB Developers Holding
ARAB
-2.04% 2.40 -0.05

Cairo – Mubasher: Porto Group Holding on Thursday announced that its subsidiary Amer Syria has started taking legal procedures to claim compensation according to a ruling issued in Syria, the company said in a filing to the Egyptian Exchange (EGX).

Antaradus for Touristic Development had filed lawsuits against Amer Syria Company and Amer Group Holding at the Cairo Regional Centre for International Commercial Arbitration.

On 22 February, an arbitral ruling had been issued stipulating Amer Syria Company’s and Amer Holding’s eligibility to get $38.9 million, in addition to 5% legal interest as of 11 October 2014.

During the first quarter of 2019, Porto Group logged a net profit of EGP 59.59 million, compared to EGP 45.52 million in the year-ago period.