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Amer Group and Porto Group state shares in $40M compensation

Amer Group and Porto Group state shares in $40M compensation

ArabFinance: Amer Group and Porto Group (PORT) received a report of determination their shares in $39,916,097 (EGP 629,297,227) compensation they awarded from an arbitral case no. 2014/986, according to the Amer Group’s September 10th statement filed to the Egyptian Exchange.

Financial Advice Corporate Transactions (Fact), the independent financial advisor, set Porto group's share at $36,666,845 (EGP 578,071,144) while Amer Group’s share amounts $15,016,186 (EGP 236,737,680).

In 2014, Antaradus for Touristic Development Company has brought an arbitration case against Amer Group and Amer Syria, a subsidiary of Porto Group, to litigators.

The disputes backdated to 2008 when the parties partnered to develop a Porto-style project in Tartous city on the Mediterranean coast of Syria. However, due to project delays, the Syria-based company took the case to arbitration in 2014.

 

At the press time, the conversion rate is $1= EGP 15.77

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