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Thursday, 17 October 2019

Public Enterprises Ministry reaches settlement with OIH over SLCC dispute

DISPUTE WATCH- OIH-Prism JV, Sound and Light Company reach settlement over contract annulment: A JV between Orascom Investment Holding (OIH) and Prism International has reached a settlement agreement with the Sound and Light Cinema Company (SLCC) over the annulment of a EGP 10 mn contract to develop the Giza Plateau, Public Enterprises Minister Hisham Tawfik tells Al Mal. OIH and Prism will make a settlement payment to the ministry, Tawfik said, without disclosing further details.

Background: SLCC had scrapped a EGP 10 mn contract to develop and manage the sound and light show at the Pyramids with OIH last year after the latter failed to meet its contractual obligations. OIH pointed the finger at its partner Prism Entertainment, and claimed that it had failed to carry out its end of the job. The two parties agreed in February to negotiate a settlement with SLCC. OIH said it was still interested, but SLCC insisted on relaunching the tender and raising the minimum value to USD 2.5 mn.

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