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Thursday, 26 October 2017

OTMT buys City Stars out of Giza Plateau sound and light development project

Orascom Telecom Media and Technology Holding (OTMT) bought out City Stars Properties’ share in the Sound and Light Cinema Company’s (SLCC) development project at the Giza plateau, SLCC Chairman Nagwa El Shazli said yesterday. OTMT will help develop and run the sound and light show, in partnership with Prism Entertainment, under an agreement that will see it invest USD 10 mn over a 20-year period, she adds. The project will be managed by a joint stock company of which OTMT will hold a majority stake of 70%, according to Al Mal. It’s unclear why the Saudi-owned City Stars Properties — which had entered into an agreement with Prism in 2015 to spend USD 50 mn improving SLCC facilities and services at the Giza Plateau — decided to quit the project.

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