Cairo –  Egyptians for Housing and Development Co denied receiving an offer from a Saudi Arabian firm to acquire 25% of the company’s capital at the average price recorded during the last six months.

However, the EGX-listed firm revealed it is currently holding meetings with a major Saudi real estate developer to study a strategic partnership with Egyptians for Real Estate Investment Fund (EGREF) on implementing a project in partnership with the New Urban Communities Authority (NUCA), according to a bourse filing on Sunday.

It is worth noting that in the first half (H1) of 2022, Egyptians for Housing and Development recorded net profits of EGP 11.53 million, down from EGP 14.38 million in the year-ago period, including minority shareholders’ rights.

Meanwhile, revenues of the real estate developer reached EGP 34.96 million in H1-22, up from EGP 34.59 million in H1-21.

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