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cuerdley1989
New Member
Am hearing rumours that the CEO Richard Turner has left ERC (Egyptian Resort Company). Does anyone know if there is any truth in this rumour, and if so, who has replaced him?
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Cairo Star
New Member
Have a look at "Key Leadership Changes" published in Jan. 2010 on ERC' web-site...
wemyss1960
New Member
ERC removes Mubarak associate from its board
Egyptian Resorts removes Mubarak associate from its board April 18, 2011 11:21 PM (Last updated: April 18, 2011 01:15 AM) Reuters
CAIRO: Egyptian Resorts removed Ibrahim Kamel, a senior member of ousted President Hosni Mubarak’s party now under detention, from its board, the company said on Sunday, without citing a reason.
Analysts said Kamel’s removal from the board may not ease pressures on the firm’s stock, which has lost over 47 percent of its value since the start of year as the company reels under a legal challenge over a state land sale for its main plot of land on the Red Sea.
Egyptian Resorts is the second biggest developer of tourism real estate by market capitalization.
Kamel, who sat on the board representing Kato Investment, which he chairs, will be replaced by another Kato executive, Abdel Monem Attia, Egyptian Resorts said in a note to the stock exchange.
Kato has a 12 percent stake in Egyptian Resorts. Kamel previously served as the chairman of Egyptian Resorts and is the father of the chief executive, Mohammad Ibrahim Kamel.
Ibrahim Kamel was arrested on charges of inciting thugs to attack protesters in Tahrir Square, the site of demonstrations that ousted Mubarak from 30-decades of power.
The tourism development authority withdrew Thursday its approval for a project Egyptian Resorts is developing at Sahl Hasheesh along the Red Sea coast. The firm said it would contest the decision, which sent the firm’s shares tumbling over 9 percent.
Egyptian Resorts paid $7.6 million, or 27 percent of the land’s contract value and paid a further $5.3 million in rent and other costs.
At large, the legality of its Sahl Hasheesh project is being contested after a lawsuit was filed saying the government broke the law in selling the land to the firm.
A version of this article appeared in the print edition of The Daily Star on April 18, 2011, on page 4
Egyptian Resorts removes Mubarak associate from its board April 18, 2011 11:21 PM (Last updated: April 18, 2011 01:15 AM) Reuters
CAIRO: Egyptian Resorts removed Ibrahim Kamel, a senior member of ousted President Hosni Mubarak’s party now under detention, from its board, the company said on Sunday, without citing a reason.
Analysts said Kamel’s removal from the board may not ease pressures on the firm’s stock, which has lost over 47 percent of its value since the start of year as the company reels under a legal challenge over a state land sale for its main plot of land on the Red Sea.
Egyptian Resorts is the second biggest developer of tourism real estate by market capitalization.
Kamel, who sat on the board representing Kato Investment, which he chairs, will be replaced by another Kato executive, Abdel Monem Attia, Egyptian Resorts said in a note to the stock exchange.
Kato has a 12 percent stake in Egyptian Resorts. Kamel previously served as the chairman of Egyptian Resorts and is the father of the chief executive, Mohammad Ibrahim Kamel.
Ibrahim Kamel was arrested on charges of inciting thugs to attack protesters in Tahrir Square, the site of demonstrations that ousted Mubarak from 30-decades of power.
The tourism development authority withdrew Thursday its approval for a project Egyptian Resorts is developing at Sahl Hasheesh along the Red Sea coast. The firm said it would contest the decision, which sent the firm’s shares tumbling over 9 percent.
Egyptian Resorts paid $7.6 million, or 27 percent of the land’s contract value and paid a further $5.3 million in rent and other costs.
At large, the legality of its Sahl Hasheesh project is being contested after a lawsuit was filed saying the government broke the law in selling the land to the firm.
A version of this article appeared in the print edition of The Daily Star on April 18, 2011, on page 4
wemyss1960
New Member
ERC shares drop to a five-year low
Egyptian Resorts shares drop to a five-year low April 15, 2011 12:00 AM (Last updated: April 15, 2011 01:51 AM) By Ahmed A Namatalla, Alaa Shahine Bloomberg
CAIRO: Egyptian Resorts Co. fell to the lowest level in almost five years after a government agency rescinded its preliminary approval to sell 20 million square meters of land to the property developer on the Red Sea.
The shares plunged 9.6 percent to 1.04 Egyptian pounds, the lowest level since August 2006, at 2:15 p.m. in Cairo valuing the company at 1.1 billion pounds ($185 million). The shares have lost 48 percent this year.
“The expected cash flow from that land has been taken away so the company is in need of coming up with a new strategy of acquiring additional land in areas other than Sahl Hasheesh in order to survive,” said Rehab Taha, equity analyst at Cairo- based Prime Securities SAE.
Prior to Thursday’s decision, Egyptian Resorts’ land bank was made up of 32 million square meters in Sahl Hasheesh, south of the resort town of Hurghada, that it agreed to purchase from the government starting in 1995 over three phases.
A version of this article appeared in the print edition of The Daily Star on April 15, 2011, on page 5.
Egyptian Resorts shares drop to a five-year low April 15, 2011 12:00 AM (Last updated: April 15, 2011 01:51 AM) By Ahmed A Namatalla, Alaa Shahine Bloomberg
CAIRO: Egyptian Resorts Co. fell to the lowest level in almost five years after a government agency rescinded its preliminary approval to sell 20 million square meters of land to the property developer on the Red Sea.
The shares plunged 9.6 percent to 1.04 Egyptian pounds, the lowest level since August 2006, at 2:15 p.m. in Cairo valuing the company at 1.1 billion pounds ($185 million). The shares have lost 48 percent this year.
“The expected cash flow from that land has been taken away so the company is in need of coming up with a new strategy of acquiring additional land in areas other than Sahl Hasheesh in order to survive,” said Rehab Taha, equity analyst at Cairo- based Prime Securities SAE.
Prior to Thursday’s decision, Egyptian Resorts’ land bank was made up of 32 million square meters in Sahl Hasheesh, south of the resort town of Hurghada, that it agreed to purchase from the government starting in 1995 over three phases.
A version of this article appeared in the print edition of The Daily Star on April 15, 2011, on page 5.
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CMChris
New Member
Does this mean that we could lose our apartments in Sahl Hasheesh?
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Alan Cockayne
Banned
Breaches of land-ownership
It is the irregularities of how the land was divided and paid for on their allocations that will be looked into.
If developers are found to have acquired plots undervalue, I would expect them to cough up the m2 balance and not make individuals pay the extra; They had legal contracts after all. However, newer projects may be more expensive in the future, but their owners should not have the worries the Mubarak regime created over the last decade and we are trying to resolve.
Alan.
There are cases where Investment Banks have foreclosed and flattened projects. I presume those owners in Sahl Hasheesh have more legal rights if each have had all their signiture validations done or judicial registrations applied for once they've fully paid up all that was required of them.
It is the irregularities of how the land was divided and paid for on their allocations that will be looked into.
If developers are found to have acquired plots undervalue, I would expect them to cough up the m2 balance and not make individuals pay the extra; They had legal contracts after all. However, newer projects may be more expensive in the future, but their owners should not have the worries the Mubarak regime created over the last decade and we are trying to resolve.
Alan.
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