CAIRO: Talaat Moustafa Group (TMG), whose share price was hit by the arrest of its former chairman in a murder case, said on Wednesday its assets were worth LE 34.5 billion ($6.37 billion).
It said the valuation, made on June 30, came from the London-based international property company CBRE (CB Richard Ellis) and was 74 percent up on the valuation one year earlier.
At the current market price of about LE 7 a share, Talaat Moustafa Group has a market value of LE 14.2 billion, according to Reuters data.
The share price was about LE 8.20 immediately before the killing of Lebanese singer Suzanne Tamim on July 28. It hit a low of LE 4.86 on Sept. 3 after Egyptian prosecutors charged Chairman Hisham Talaat Moustafa with hiring a former police officer to carry out the killing in return for $2 million.
Hisham’s brother, Tarek Talaat Moustafa, has taken over the chairmanship of the company, which is building a large luxury town in the desert east of Cairo.