Arab Finance: Golden Pyramids Plaza (GPPL) has denied approaching any banks to obtain a loan of about EGP 3 billion to EGP 3.5 billion for the development of hotels in Sharm El-Sheikh, according to a disclosure filed to the Egyptian Exchange (EGX) on August 2nd.
This came as a response to the recently published news claiming that the company seeks a loan from a group of local banks to fund the investment costs of the development of a hotel and a resort in Sharm El-Sheikh under the brand name Fairmont.
Established in 1991 and listed on EGX in 1997, Golden Pyramids Plaza operates within the consumer services sector focusing on hotels, resorts, and cruise lines.