Kuwait – Mubasher: Manazel Holding said that its subsidiary Manazel Misr For Real Estate Development has signed an investment contract in Egypt.
The contract is inked with an Egyptian real estate firm, as EGP 1.2 billion ($77.2 million) will be paid during a five-year period in a swap deal for the net income from selling the project’s units, according to a bourse statement issued Monday.
The contract covers investing in a property project for developing a land space of 450,000 meters in east Cairo.
On the stock level, Manazel ended Monday’s session down 1.79% to 27.5 fils after about 354,300 shares were traded through nearly KWD 9,700.
