Cairo – Mubasher: The Egyptian Company for Developing Building Materials’ (LIFT SLAB) board approved to inject EGP 345 million investments
LIFT SLAB is studying the expansion in Saudi Arabia in Makkah with a total investments of EGP 25 million, according to a bourse filing.
The company’s board approved on Thursday submitting a proposal to the subsidiary Syndicate of Commercial Professions to contribute in developing a piece of land with a total investments of EGP 200 million as a real estate developer, with the participation of the housing association of Heliopolis Sporting Club.
LIFT SLAB contracted to participate in establishing a housing project on the area of 16,800 square metres in El Hamam city in Marsa Matrouh at a total value of EGP 60 million.
The company noted that the investment cost of the project ranges between EGP 42 million and EGP 47 million. The project is expected to be accomplished in three years.
Moreover, the company is working on turning the agreement of implementing 35 wells into an official contract, the statement said.
Under the agreement, LIFT SLAB will implement 35 wells at a value of EGP 72 million.
The board also approved increasing the integrated contracts to EGP 40 million in last September, adding to the negotiation with the Korean CNB Resources to purchase drilling rigs to be used in water wells in West Minya project.
