No preliminary agreement with El Montazah regarding Ras Gamela project yet, Amer Group says

No preliminary agreement with El Montazah regarding Ras Gamela project yet, Amer Group says

Amer Group (AMER) replied on Egyptian Stock Exchange (EGX) inquiries regarding what was posted in a news website titling Amer Group wins project of Ras Gamela Land located in Sharm El Sheikh from Holding Co. For Tourism, Hotels & Cinema with EGP 3 billion.

The Company stated that one of its subsidiaries presented the highest price but it has not agreed with El Montazah Company which is owned by Holding Co. For Tourism, Hotels & Cinema because there is a difference in views with regard to contract clauses.

There is no preliminary agreement between Amer Group and El Montazah Company yet, Amer Group said.

-Arab Finance