CAIRO: Land is sacred territory in Egypt, but for the Arab Cotton Ginning Company (AGC), it wasn't that important, as the textile company sold over 11,000 square meters of its property for some $15.5 million, the company said in a statement to the Egyptian Stock Market on Sunday. The move comes only months after it said it would be splitting its real estate holdings from its cotton production. In October, the company announced it would sell much of its lands for housing, tourism and commercial endeavors. The land sold was in Zifta, some 50 miles north of Cairo. According to local newspapers, ACG owns more than 600,000 square meters in 13 areas across Egypt. The company said that much of this land formerly housed gins, the machines used to separate cotton fiber from the seeds, but were removed in favor of cheaper industrial zones away from industrial areas. According to the statement to the stock market, ACG received 2.2 million Egyptian pounds in initial payment from the buyers, with 50 percent of the purchase value to be paid by June 15, when the land would be delivered. The remaining 50 percent would be paid in 5 percent quarterly installments beginning September 15. BM
