October 17, 2020

Porto unit obtains EGP 500M loan from Banque Misr


ArabFinance: Porto 6 October for Touristic Development, a 79.129% subsidiary of Porto Group (PORT), secured a long-term loan worth EGP 500 million from Banque Misr for a project in west Cairo, according to the company’s October 15th statement filed to the Egyptian Exchange.

Porto Group will act as the guarantor of the loan, the statement highlighted.

The sharia-compliant loan will be used to accelerate the construction works at the 1,380,000-square-meter Porto October project.

The development encompasses villas, townhouses, hotel apartments, and other facilities.

In August, the Egyptian Exchange's concerned committee approved listing the 167.183.303 shares of Porto Group's capital increase.

The listed company incurred a consolodited net loss of EGP 22.925.983 in the first haldf (H1) of 2020, against EGP 85,988,402 posted in the prior-year period.

Porto Group is an Egypt-based holding company engaged in many segments through its subsidiaries, namely education, marketing, real estate, investment, and management.

arabfinance


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