ArabFinance: National Company for Housing for Professional Syndicates’ (NHPS) extraordinary general meeting (EGM) decided to amend payment terms of Le Méridien Heliopolis' sale transaction, according to the company’s July 22th statement.

Under the agreement, E-Max International will purchase the hotel at EGP 605 million.

The buyer will pay a down payment of EGP 151 million, representing 25% of the total amount. 

The remaining 75% of the hotel value, amounting to EGP 453 million, will be paid one year after the agreement's signing date and on quarterly installments over 5 years with an interest rate of 2%. 

The listed company incurred a net loss of EGP 3,930,035 in Quarter one of 2020, against a net profit of EGP 967,188 achieved in the same period of 2019.

NHPS is an Egypt-based company engaged in real estate development operations. The company is organized into real estate and tourism segments.