Arab Finance: EGX Administration announced cancellation of all bids and asks executed on Marsa Marsa Alam For Tourism Development (MMAT) on the trading session 10/08/2016.

Marsa Alam stock price will return to LE1.02 after cancellation decision.

It is worth mentioning; the company clarified what was sent to EGX yesterday, regarding finalizing designs of touristic residential project attached to the Badawiya Hotel, which will include 450 residential units, with investments cost of LE135 million instead of LE1.140 billion.

The company added that it will hire one of the leading companies in marketing field to be responsible for project's marketing over 3 phase as follow:

The first phase will start after signing the contract with the marketing company by the current month.

While the second phase will start once finalizing marketing of 60% from the first phase and the last phase will be started by finalizing marketing of 60% of the second one.

the company declared the project will be finalized between six to eight years, through self-finance as well as the deposits paid from selling units, representing 25% of the unit's value and the other installments will be paid over four years (every quarter).

It is estimated that project's return on investment (ROI) will reach LE50 million, representing 30% of the estimated revenues amounting to LE185 million, which will be executed through several construction companies.

Source: EGX & Arab Finance editor