Cairo – Mubasher: The Egyptian Resorts Company denied entering into any agreement to indemnify Pyramisa Hotels for any investment damages, said the Egyptian Resort in a bourse filing.  

At the current time, no talks are underway to assess the claimed damages or to reach any agreement for that purpose, the company added.

Earlier, both companies agreed to settle down all disputes sparked by Sahl Hasheesh land sale contract.

The settlement agreement obliged Pyramisa Hotels to make out claques for paying late dues over Sahl Hasheesh land sale contract, with which the Egyptian Resorts did not comply.

This contract was awarded to Egyptian Resorts on 24 October 1995 for developing 32 million sqm in this area.