Cairo – Mubasher: Egypt’s property developer SODIC said on Wednesday it spent EGP 481 million from the proceeds generated from a rights issue worth EGP 1 billion.
In a filing sent to Cairo bourse, the company explained that a total of EGP 400 million was invested in a 301-feddan land plot, while EGP 81 million was used in the buyout of Tabrouk Building Company.
SODIC also said it plans further EGP 2.3 billion worth of investments in projects owned directly or via subsidiaries. It expects to hand over 684 units in all projects in 2015.
