Cairo – Mubasher: The board of directors of Porto Group Holding decided to provide a guarantee to its subsidiary Porto October.

The company’s chairman and managing director has been authorised to sign a joint guarantee agreement at a value of EGP 500 million with Banque Misr, according to a bourse disclosure on Thursday.

It is worth mentioning that the financial indicators for the first quarter (Q1) of 2020 showed that Porto Group incurred net losses of EGP 16.34 million, against net profits of EGP 59.59 million in the year-ago period.