Cairo – Mubasher: Six of October Development and Investment (SODIC) denied reports about talks to acquire a 10% stake in Heliopolis Company for Housing and Development.
SODIC will study the invitation to bid (ITB) when it is issued as part of its efforts to look into possible investment opportunities in the real estate market in order to increase its land portfolio, according to a statement to the Egyptian Exchange (EGX) on Sunday.
Earlier, Heliopolis Housing’s managing director Sahar Al Damatty told Mubasher that the bid requirements are set to be released soon to select an investor who would manage the company and buy 10% of its shares.
During the first six months of 2019, SODIC posted a net profit of EGP 337.9 million, down from EGP 374.09 million in H1-18.
