Cairo – Mubasher: Nile City Investments used EGP 81.8 million of its total subscription proceeds amounting to EGP 100 million.
An amount of EGP 24.308 million has been used for a loan repayment to Ahli United Bank and EGP 24.37 million has been used to finance the purchase of the seventh floor of the Southern Tower, the company said in a bourse disclosure on Sunday.
Moreover, the company paid EGP 15.64 million to BESIX and EGP 15.7 million to pay suppliers for the expansions carried out at Fairmont Hotel.
The remaining amount of the subscription proceeds registered EGP 18.17 million.
During 2019, Nile City Investments achieved net profits of EGP 598.85 million, up from EGP 527.35 million a year earlier.
