The loan will refinance outstanding medium-term facility
A car drives past Egyptian developer SODIC headquarters building on the outskirts of Cairo, Egypt November 13, 2016.
REUTERS/Amr Abdallah Dalsh
By Staff Writer, Mubasher
Cairo – Mubasher: Six of October Development and Investment (SODIC) signed a long-term syndicated facility worth EGP 1.57 billion with Arab African International Bank (AAIB) and Banque Misr (BM) to finance the company’s West Cairo development SODIC West.
The loan will refinance EGP 1.1 billion outstanding on the EGP 1.3 billion medium-term facility signed in April 2017 and partially finance the remaining capital expenditure (CAPEX) on the company's investment portfolio of leasable assets and real estate development projects in SODIC West, according to a bourse disclosure on Thursday.
The company's outstanding debt reached EGP 2.4 billion as of 30 June 2021.
In the first half (H1) of 2021, SODIC posted consolidated net profits of EGP 225.84 million, up from EGP 74.51 million in H1-20, including minority shareholders' rights.
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