"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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.



Sodic approves LE 1.1 billion capital increase
Published in Daily News Egypt on 18 - 10 - 2006

Company to acquire almost 1 million sq. m. in New Cairo by end of October
CAIRO: Sixth of October Development and Investment Company (Sodic) shareholders approved Monday a LE 1.1 billion capital increase to finance the acquisition of 984,900 square meters of land, including a 858,500 square meter plot in New Cairo on Road 90 adjacent to the new American University campus and the Katameya Dunes project.
Sodic Director of Business Development Ahmed Badrawi says LE 590 million of the funds will go toward the New Cairo land acquisition, with the rest to be set aside for development of the land and the company s other properties in the Sheikh Zayed district.
We see it as being the new urban town center for Katameya, Badrawi told The Daily Star Egypt.
The company s general assembly approved a plan to raise the money through a 9 million share private placement at LE 100 per share and an additional 2 million share private placement to current shareholders at the same price per share. In a statement, the company said 25 percent of the 9 million share offering, or LE 225 million have already been paid by investors with the balance due to be received by the end of the month.
Badrawi says a mixture of local and Gulf investors have committed to the investment, but it s largely Gulf foreign money coming in. Private placement was chosen as the method of increase, he says, because the money had to be raised by an Oct. 30 deadline to acquire the land, he adds.
Sodic officials expect the population of New Cairo to exceed 3 million in 2016. The company plans to develop the acquired land to provide residential, retail and office services on a five-year construction schedule to be initiated by the second half of 2007, says Badrawi.
We have been a very dormant company for a couple of years now, he says. Last year, there was a change in ownership. This year, there was a change in management. And I think this capital increase shows a change of philosophy.
Sodic's to-be-acquired New Cairo land will add to one of the country s largest real estate developers, with land possessions already entailing 6 million square meters in Sheikh Zayed. Nearly 2 million square meters in the district have already been developed as an upper-scale residential compound, Beverly Hills, with development of the remaining 4 million square meters to be launched in the first half of 2007. Pending completion of the capital increase, the company s paid-up capital is set to be raised to LE 2.69 billion divided over 26.9 million shares.


Clic here to read the story from its source.