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Egypt’s HOTAC targets EGP 731m investments this year

Cairo-Mubasher: The Holding Company For Tourism, Hotels & Cinema (HOTAC) targets investments worth EGP 731 million in the fiscal year 2015/2016, said Chairman Mervat Hataba.

She added that the implemented investments reached EGP 402 million in 2014/2015, compared with EGP 473 million a year earlier.

The ordinary general meeting endorsed financial statements for 2014/2015 and approved Minister of Investment’s request to amend the proposed cash dividends.

Total operating revenues from the company’s nine subsidiaries reached EGP 1.3 billion in 2014/2015, compared with EGP 868 million a year ago.

The subsidiaries posted combined net earnings of EGP 59 million, against losses of EGP 313 million in 2013/2014.

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