Cairo – Mubasher: The extraordinary general meeting (EGM) of Samcrete Misr approved a decision to guarantee a $12 million loan for Al Dau Al Haram for Hotels Operations in an agreement with the European Bank for Reconstruction and Development (EBRD).

The loan will be used to finance the development of a new hotel at Pyramids Heights, according to a bourse disclosure on Sunday.

During 2019, the company logged standalone net profits of EGP 44.99 million, down from EGP 211 million a year earlier.