By Ahmed Allam:
Cairo-Mubasher: GMC for Industrial Commercial & Financial Investments is intending to launch EGP 40 million worth of investments during the first quarter in 2015, said CEO Mohamed El Gendy in a phone interview with Mubasher.
The company’s ordinary general meeting has recently approved contracting with Egypt Sons Trade to set up three retail outlets.
These investments are expected to have a yield between 13-15%, the top official added.
The company said on Sunday it authorized the board chairman to finalize the contract for Al Fursan Real Estate Development for the finishing of a shopping mall in Sheraton, Cairo. It also endorsed a contract with Pyramids Trade Center for the finishing of a super market in a shopping mall in Al Haram St.
GMC will start to record yields from such investments from six months on, El Gendy said, adding that such investments will be financed from self sources.
GMC has posted EGP 246.1 thousand net profit for the first nine months of FY14, with a decline by 61.2% compared with the year-ago period.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Cairo-Mubasher: GMC for Industrial Commercial & Financial Investments is intending to launch EGP 40 million worth of investments during the first quarter in 2015, said CEO Mohamed El Gendy in a phone interview with Mubasher.
The company’s ordinary general meeting has recently approved contracting with Egypt Sons Trade to set up three retail outlets.
These investments are expected to have a yield between 13-15%, the top official added.
The company said on Sunday it authorized the board chairman to finalize the contract for Al Fursan Real Estate Development for the finishing of a shopping mall in Sheraton, Cairo. It also endorsed a contract with Pyramids Trade Center for the finishing of a super market in a shopping mall in Al Haram St.
GMC will start to record yields from such investments from six months on, El Gendy said, adding that such investments will be financed from self sources.
GMC has posted EGP 246.1 thousand net profit for the first nine months of FY14, with a decline by 61.2% compared with the year-ago period.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
