The settlement will be in exchange for a vacant plot of land
located at kilometer 22.25 on the Cairo–Ismailia Desert Road.
According to a company statement, the land covers an area of
4,945 square meters, with a total value of EGP 96.3 million, equivalent to EGP
19,478.20 per square meter.
The total principal due amounts to EGP 81 million, in
addition to late payment fines.
The company added that the average valuations conducted on
the land by accredited real estate appraisers came to around EGP 25,750 per
square meter. This reflects the fair market value of the company’s total
receivables to date.