Amer to Receive $39 Million in Compensation for Porto Tartous

The Egyptian Stock Exchange decided to suspend bids and asks on the shares of Porto Holding Group during the trading session on Sunday, after the issuance of new developments in the case of the arbitration of Syria's Porto Tartous.

The Porto Holding company said that an application for depositing the arbitration was issued in favor of the company from the Cairo Regional Center for International Commercial Arbitration.

last February, the court ruled in favor of Amer Group Holding and Amer Syria, entitled to the amount of $ 38.9 million.

The ruling included 5% statutory interests from the date of the response to the arbitration request to the date of the final payment.

Amr Group said that the Porto Tartous project is one of the Porto Holding Group's projects, according to the split project that took place between the two groups in September 2015.

The case dates back to 2014 before the two companies split, where Amer Group announced in August 2014 that an arbitration lawsuit was filed against it, and against the affiliate Amer Syria Company.

Antradous for Tourism Development demanded the termination of the contract for the Porto Tartous project, requesting a compensation of $176 million, however Amer won the ruling, which amounts for $38.9 million.