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Wednesday, 13 February 2019

OIH-Prism JV agrees to negotiate settlement for sound and light show failure

A JV between Orascom Investment Holding (OIH) and Prism International has agreed to negotiate a settlement with the Sound and Light Cinema Company (SLCC) for last year’s contractual annulment, SLCC Chairman Sameh Saad said, according to Al Mal. SLCC contracted the JV to develop and run the sound and light show, but the latter allegedly failed to uphold contractual obligations. The state-owned company is seeking a total of EGP 200 mn in damages — EGP 100 mn from Prism for an earlier contract involving Saudi’s City Stars Properties, and a further EGP 100 mn from the OIH-Prism JV. Both Prism and OIH are planning to participate separately in a tender relaunch of the project after the settlement.

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