Cairo – Mubasher: Egyptians for Investment and Urban Development Company has signed a contract to sell the entire asset owned by the company at Gesr El Suez, Cairo.
The said asset, spanning an area of 1876.29 square metres, was sold to Yasser Mohamed Emam at a total value of EGP 35 million. The sale proceeds will be used in financing the company’s future plans and projects, according to a bourse statement on Sunday.
On 14 September 2022, the company’s extraordinary general meeting (EGM) agreed to offer underutilised assets owned by the company for sale.
It further approved the independent financial advisor’s report and study on the fair value (FV) of the above-mentioned asset.
During the first half (H1) of 2022, the company turned to net losses of EGP 592,680, against net profits of EGP 340,200 in the year-ago period.
