Egyptian Resorts to revoke $41M contract for selling 4 lands from its portfolio
Updated 9/23/2019 5:17:45 PM
ArabFinance: Egyptian Resorts Company (EGTS) stated that it commenced taking all legal procedures in order to annul the selling contracts for its 4 land plots, which were sold with USD 40,906,040.
Under the agreement, the lands totaling 342.004 sqm were sold in June 2015 while the amount would be paid over a period ranging from one year and a half until 5 years. Since the paid amount till now is USD 10,423,225.
The Company said the Summary Court set the first session to review the case on October 03, 2019.
