Talaat Mostafa Group Holding (TMG) on Tuesday said in a press statement that neither Saudi prince Alwaleed bin Talal nor his firm Kingdom Holding Company (KHC) had any investments or contributions in TMG or its subsidiaries.
The company said it received several inquiries from both local and global investment funds regarding bin Talal’s investments, which the company has denied in a statement to the Egyptian Exchange (EGX).
On Monday, TMG’s stock was among major losers following the news that the Saudi government had arrested a number of former and current ministers and around 11 princes, including Alwaleed bin Talal, in an anti-corruption probe.
In August, Egypt’s Ministry of Investment said that KHC chairperson Alwaleed bin Talal was looking to increase his investments in Egypt by $800m in a partnership with TMG.
TMG had said at the time that it would conduct a number of studies pertaining to such investments.
In a separate press release, the company said that it has been able to self-finance its Four Seasons Sharm El-Sheikh expansion project by $213m.
The remaining $170m required to complete the project will be self-financed as well, the company said in a statement to the Egyptian Exchange (EGX).
TMG’s profits amounted to EGP 1.058bn during the period from January to September, up from EGP 616.39m a year ago.
TMG’s stock fell 0.33% to EGP 9, erasing some of its earlier losses after it had dropped to EGP 8.75.