TMG Holding was in established in April 2007, as a joint stock company under the Egyptian Law. TMG has no operating history of its own. The company is a holding company of real-estate development activities for three main firms, with effect from October 2007. These firms are owned and are of significant interest to the Talaat Moustafa family. Namely, Arab Company for Projects and Urban Development S.A.E. (“Arab Company”), San Stefano for Real-estate Investment Company (“San Stefano Real-estate”), and Alexandria for Real-estate Company S.A.E.(“Alexandria Real-estate”). All of the three companies together along with the “Operating Company”, and their respective consolidated subsidiaries, have been combined as a consolidated group, through both their share swap and cash payments.