Cairo – Beltone Financial Holding obtained the approval of its shareholders to buy an administrative building from the Six of October Development and Investment (SODIC).
Belton will ink the EGP 1.11 billion purchase deal with the Sixth of October Development and Real Estate Projects Company (Sorel), a subsidiary of SODIC.
The administrative building spans 6,876 square metres in New Cairo, according to a bourse filing.
Belton will pay 20% of the total sale value in advance upon signing the contract, while the rest of the price will be granted over four and a half years in equal quarterly installments.
Meanwhile, the maintenance deposit stands at EGP 61.88 million, which will be paid upon delivery.
Last July, the shareholders of SODIC greenlighted the sale deal.
In the first half (H1) of 2023, Belton registered net losses after tax worth EGP 145.89 million, higher than EGP 105.58 million in H1-22.
SODIC logged consolidated net profits after tax valued at EGP 341.71 million as of 30 June 2023, an annual rise from EGP 295.71 million, including minority interest.
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