Cairo – Mubasher: Amer Group Holding Co has received two arbitration notices from the Cairo Regional Centre for International Commercial Arbitration (CRCICA) submitted by Arabtec Egypt for Construction against Amer Group’s subsidiary Tropi 2 for Tourism Development.
The first arbitration claim, worth EGP 15.5 million, is related to a contract for hanging gardens, the company said in a bourse disclosure on Monday.
In addition, the second claim, worth EGP 16.5 million, is related to a deal for the first phase of Porto South Beach.
Amer Group said that it is currently studying to respond to the arbitration notices, noting that the total value of the claims is less than 2% of the equity rights of the company as of the latest approved consolidated financial statements.
During the first half (H1) of 2020, Amer Group achieved net profits of EGP 27.608 million, up from EGP 25.42 million in the year-ago period, including minority shareholders’ rights.