Cairo – The board of directors of Arab Dairy Products Co. (Panda) approved signing sale-and-leaseback deals under financial leasing model for a land plot and some buildings of the company’s factory in El-Qanater El-Khayreya in the governorate of Qalyubia.
At a total value of EGP 422.68 million, the contracts have been signed with Corporate Leasing Company (CORPLEASE), Arab Dairy said in a filing to the Egyptian Exchange (EGX) on Sunday.
The company signed three contracts with Corplease with a total sale value of EGP 175.44 million and a total lease value of EGP 247.24 million for a period of seven years.
It is noteworthy that during the first nine months of 2019, the Egyptian dairy firm reported a net profit of EGP 20.64 million, down from EGP 26.43 million in the prior-year period.
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