Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) announced that its board of directors accepted an offer from the Egyptian Gulf Bank (EG Bank) to obtain a medium-term funding worth EGP 400 million for SARAI project.
In addition, the board also approved in principle to receive a long-term syndicated loan valued at EGP 2.1 billion in order to partly finance the investment cost of S1 and S2 project, according to a statement to the Egyptian Exchange (EGX) on Monday.
The syndicated loan will be arranged by a consortium led by the Arab African International Bank (AAIB) and the National Bank of Egypt (NBE).
Moreover, the property developer’s board also approved the purchase of a land plot covering an area of about 100 feddans in Nasser City in west Assiut and the payment of EGP 34 million in advance, or 10% of the total value of the land.
The board’s decisions also included the sale of two land plots, designated as school land, in Taj City for EGP 420 million.
MNHD’s board also accepted an offer from Total Egypt to rent a land spanning over nearly 3,000 metres in SARAI to set up a fuel station.
It is noteworthy that during the first nine months of 2019, MNHD logged a net profit of EGP 630.98 million, down from EGP 869.07 million in the prior-year period, the unaudited consolidated financial results showed.
