Hisham Talaat Moustafa returns to head TMG real estate firm

CAIRO – 28 June 2017: Business tycoon Hisham Talaat Moustafa was reappointed CEO of real estate developer Talaat Moustafa Group (TMG), the company said in a statement to the Egyptian Exchange on Wednesday.

TMG said there is no legal reason not to reappoint Moustafa in his previous post after he was released from prison last week upon a presidential pardon.

Moustafa will return to lead the company after spending 17 years in prison, 15 of which on charges of inciting the murder of his lover Lebanese signer Suzanne Tamim in 2008.

Following the announcement of his return, TMGs stocks hiked 5.11 percent in the Egyptian Exchange morning trading session.

TMG reported a net profit of LE 288.54 million ($15.9 million) in the first quarter of 2017, marking a 39 percent increase compared to the corresponding quarter in 2016.

The net profit was calculated from LE 1.28 billion in revenues in Q1, compared to LE 1.21 billion in revenues in Q1 2016.