Marsa Alam for Tourism Development reached an agreement to settle USD 2.6 mn in borrowing from National Bank of Egypt (NBE) at the pre-float rate of EGP 8.88 per USD 1, Al Borsa said. In total, the company will repay NBE EGP 20.2 mn, EGP 15 mn on signing, followed by EGP 5.2 mn over two stages. Marsa Alam said it had not anticipated the flotation or its impact on the company’s borrowings.
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