Majid Al Futtaim Holding (MAF) has agreed terms for a new $500 million loan to fund a shopping centre in Egypt where the mall developer had to take writedowns after Arab Spring protests, its chief executive said on Monday.
MAF, the sole franchisee of Carrefour hypermarkets in the Gulf, said it took writedowns of 300 million dirhams ($81.68 million) on its hotel assets in Bahrain and 250 million dirhams on its Egypt assets in 2011, Iyad Malas said.
"There was an adjustment of value of assets both in Bahrain and Egypt," he told reporters, adding the firm had to write down valuations of two hotels built adjacent to Bahrain City Centre.
No comments:
Post a Comment