Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) has used EGP 847 million from capital increase proceeds at the end of March 2018.
The company has pumped EGP 400 million in 301-acre project at the end of December, the Egypt-based property developer added in a filing to the Egyptian Exchange (EGX) on Thursday.
During 2015, Egypt's third-largest listed real estate developer has settled EGP 191 million for full-acquisition of Tabrok Construction, the company indicated.
The Egyptian firm has also paid off the second tranche of the New Urban Communities authority’s plot of land valued at EGP 30 million in the 6th of October city.
In 2016, the company settled EGP 73 million as the first installment for a land plot and paid off EGP 73 million as part of SODIC’s partnership with Heliopolis for Housing and Development.
Furthermore, the company has settled another EGP 18 million during 2017 for construction and engineering work in New Heliopolis, SODIC noted.
Moreover, around EP 30 million were paid for two firms to develop 1.3 million square metres in the North Coast, in addition to additional EGP 5 million as expenses, the company pointed out.
The remaining capital hike proceeds amounted to EGP 145.93 million out of total EGP 992.93 million, SODIC remarked.
