Cairo – Mubasher: Heliopolis Company for Housing and Development on Monday announced agreeing to sell its stake in Nasr Real Estate Development to Zahraa Maadi Investment and Development.
The real estate firm’s stake in Nasr Real Estate represents 20% of the company’s EGP 48 million capital, according to a filing to the Egyptian Exchange (EGX).
Earlier this month, Heliopolis Housing signed a loan agreement with Banque Du Caire at a value of EGP 1.2 billion.
In October, the company said it would sell land plots ranging from 30 to 100 acres in New Heliopolis City, which will be used for residential, commercial, and service purposes.
Heliopolis Housing last reported an 88.6% drop in net profits to EGP 8.7 million in the three-month period ended September, versus EGP 76.8 million in the prior-year period.
