Cairo – Mubasher: Heliopolis Company for Housing and Development has reached a final proposal to settle Magic Dreamers’ debt of around EGP 15 million.
The company has received EGP 5 million and Magic Dreamers is set to pay off another EGP 5 million within 10 days, Heliopolis Housing said in a filing to the Egyptian Exchange (EGX) on Thursday.
The remaining sum will be paid over four-monthly installments within the framework of the debt owed to Magic Dreamers, the real estate developer indicated, pointing out that it has been agreed to settle the debt in four years.
Heliopolis Housing had announced the opening of the first phase of the 22-acres Maryland Garden last March.
On 25 February 2018, the EGX-listed company has held a public auction to rent its show land and playground for children for seven years.
