AMER
ARAB
Cairo – Mubasher: Amer Group Holding Co and Porto Group Holding announced that FACT Financial Advice Corporate Transactions assessed the economic rights of each group based on the arbitration ruling no. 986/2014 related to Porto Tartous arbitration dispute.
According to the independent financial advisor’s report, the $39.9 million compensation amount is adjusted to include the annual interest accrued over the period from filing the lawsuit on 11 October 2014 until the actual payment date on 31 August 2020, the two companies said in separate bourse disclosures on Thursday.
In addition, the compensation amount also includes the arbitration fees, the investment costs of Porto Tartous tourist resort, and continuity expenses of Amer Syria.
The total compensation reached $51.68 million, including $15.01 million to Amer Group and $36.66 million to Porto Group.
An appeal inquiry has been postponed to 4 October.