Cairo – Mubasher: Sixth of October for Development and Investment Company (SODIC) is planning to buy new land plots worth EGP 600 million in northern and western Cairo, the company’s managing director, Majid Sharif, told Reuters on Wednesday.
Sharif added that SODIC plans to finalise the procedures of annexing 300 acres in western Cairo to the city this year, in order to launch a project next year.
The company is negotiating with a local bank for a credit facility worth less than EGP 500 million before the end of the third quarter of fiscal year 2017 to finance the projects, Sharif noted.
The managing director also said that the company is currently considering a policy for dividends distribution.
SODIC's consolidated net profits for Q1-17 rose 287.8% to EGP 211.9 million, compared to EGP 54.6 million for Q1-16
