Shell invests in Mina West gas development in Egyptian Mediterranean Sea    Egypt's FM highlights 'soft power' in Mali meeting with alumni    Egypt's foreign minister opens business forum in Niger, targets new partnerships    Egypt's FM delivers Al-Sisi message to Niger's leader, seeks deeper security ties    Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's SODIC interested in Heliopolis Housing stake: CEO
Published in Ahram Online on 20 - 09 - 2019

Egyptian property developer Sixth of October Development and Investment Co (SODIC) is interested in buying a 10% stake in state-controlled Heliopolis Housing, its CEO said on Thursday.
Egypt said in June the government wanted to sell the 10% stake in Heliopolis via “a limited bidding” before the end of 2019 and turn the management of the company over to the buyer.
“In principle we are interested in the matter, but the offer terms are not clear,” Magued Sherif told Reuters. “We will see whether the offer terms are favourable for us and whether we will gain added value from our presence in this place.”
The buyer would receive a bonus in return for managing the company, with the bonus value to be determined in the contracts, the government said when it announced the sale plan.
SODIC, the third largest real estate developer listed on Egypt's stock exchange, was founded on 1996, and its projects target upper-middle income homebuyers.
Sherif said SODIC would invest EGP 3.7 billion ($228 million) in a residential project called “The Estates” west of Cairo with expected sales of more than 7 billion pounds.
He said the project, to be built on a 630,000 square metre plot, would be “mostly” funded by the company's own resources.
SODIC plans to offer another real estate project in partnership with the government's New Urban Communities Authority (NUCA) in November.
The project contracts are expected to reach a value of 43 billion pounds, of which NUCA would receives a maximum of EGP 15.3 billion over 11 years, including fixed installments totalling 8.8 billion pounds along with 15% of annual proceeds.
SODIC hoped to distribute dividends to shareholders for 2019, Sherif said. The company's last cash dividend was in May for 2018 earnings and worth 0.50 pounds per share.
$1 = 16.2400 Egyptian pounds


Clic here to read the story from its source.