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Thursday, 19 May 2016

ERC denies water and electricity supplies to Pyramisa disrupted, says settlement reached

The Egyptian Resorts Company (ERC) sent the EGX a disclosure refuting a story run by Al Mal on Tuesday. Regarding its dispute with Pyramisa, ERC says it finalised a complete settlement with the subdeveloper. The settlement does not, as Al Mal mentioned, include a pledge by ERC to pay Pyramisa a set amount of reparations. ERC also notes that reporting on disruption of the water and electricity supplies are inaccurate as the infrastructure is present and active and Pyramisa has even been billed for its usage. The company has also allocated Pyramisa a plot of land in the first phase of Sahl Hasheesh in lieu of Pyramisa dropping its contractual and legal rights to another plot. ERC’s offer has been received and will be reviewed by Pyramisa’s board of directors in a meeting today, according to a separate disclosure from Pyramisa

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