Cairo-Mubasher: Wadi Degla Holding still plans to float part of its shares on the Egyptian Exchange (EGX), but it did not hire financial consultant yet or evaluated assets, said CEO Maged Helmy.
The company succeeded in raising its target sales by 115% through its recent participation in Cityscape Egypt international property exhibition.
Wadi Degla has introduced six of its property projects in Cityscape Egypt, namely;Neopolis, Murano, Blumar El Sokhna,Blumar Hills,Blumar Hurghada and Tijan Maadi, noted Helmy.
A draft in respect to reviewing and amending the Ministerial decree related to Neopolis project in El Mostakbal City, is being tackled, said company's chief.
Neopolis project is spread across 2.5 million square meters, with investments totaling EGP 13 billion. The project comprises four phases with estimated sales value of EGP 20 billion.
The company eyes sales value of EGP 20 billion through Neopolis project, added Helmy.
Neopolis first phase investment value stands at EGP 2.8 billion and will be partially self-funded , in addition to credit facilities from banks, pointed out CEO.
"With the aim of carrying out big real estate projects, Wadi Degla wishes to capitalize the market's several investment opportunities through using fully its own technical and developing capabilities," said Helmy.
Regular capital increases help secure funding for company's projects, finalize and deliver products in an efficient and timely manner, he stated.