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Talaat Moustafa Group inks settlement deal with Alexandria Governorate

Talaat Moustafa Group inks settlement deal with Alexandria Governorate
TMG Holding will pay an annual amount of EGP 7 million to the governorate
TMG Holding
TMGH
-0.83% 58.49 -0.49

Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) signed an agreement with Alexandria Governorate to settle a dispute, dating back to 2016, over Alexandria’s San Stefano project.

Under the deal, TMG Holding will pay an annual amount of EGP 7 million to the governorate, with an increase of 12% per year, according to a cabinet statement on Sunday.

The Egyptian firm has committed to invest not less than EGP 5 million annually in development projects as part of its corporate social responsibility.