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Talaat Moustafa Group denies LE27.5 billion backlog: Egypt's Bourse

Statement to the stock exchange corrects newspaper suggestions it will see a hefty backlog for this year, saying the reported figure covers the entire Madinaty project since its inception

Ahram Online, Sunday 17 Jul 2011
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Egypt’s real estate giant the Talaat Moustafa Group (TMG) has denied reports that the company is expecting a LE27.5 billion backlog as a result of LE5.5 billion in new sales this year.

"In reply to the Bourse's enquiry about LE27.5 billion sales expectations for the Madinaty project for 2011 published in Al-Mal paper, we would like to inform you that our statement referred to the total backlog from the start of the project until the end of 2011," the company said in a statement published on the Egyptian stock exchange's website.

The controversial firm’s deputy chief executive Tarek El-Naggar was today quoted in Al Mal financial newspaper saying TMG expects interest to continue in its high-end products, resulting in an LE27.5 billion backlog by the end of the 2011/12 financial year.

 

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