Egypt’s Supreme Administrative Court will rule on the validity of Talaat Moustafa Group Holding’s purchase of land for its Madinaty real-estate project on Aug. 5, Judge Mustafa Hanafi said in Cairo today.
Egypt’s state commission recommended to the court that the contract for the company’s purchase of land issued by the state-run New Urban Communities Authority be annulled, according to a report by the commission. Talaat Moustafa is the country’s largest listed real-estate company.
A Cairo court ruled on June 22 to annul the sale of the 33 million-square-meter plot of government land on the city’s outskirts due to irregularities in the way it was sold. The New Urban Communities Authority appealed the ruling.
The ruling will not halt construction or cancel the contract between the New Urban Communities Authority and Talaat Moustafa, Al Mal newspaper quoted Minister of Housing Ahmed Al Maghraby as saying on June 23.
Shares of Talaat Moustafa dropped 0.1 percent to 7.31 Egyptian pounds as of the close in trade at 2:30 p.m. in Cairo, valuing the company at 14.8 billion pounds ($2.6 billion).
On March 4, Egypt’s highest appeals court overturned the death sentence against real-estate billionaire Hisham Talaat Moustafa, the company’s former chairman and chief executive officer, for the murder of a Lebanese pop singer, and ordered a retrial.