SODIC, CIB ink addendum raising limit of medium-term facility

The debt financing comes in line with SODIC’s goal to prudently increase its leverage and financing tenor enhancing shareholder returns. SODIC’s leverage as per the consolidated financial position of 1Q19 remained low with at a total debt to equity ratio of 0.35x.

The facility will be directed to expediting construction of the entire project which is anticipated to be delivered ahead of schedule.

“It is a pleasure to work with CIB again, one of the largest commercial banks in Egypt" commented Omar Elhamawy, Chief Financial Officer. “Increasing the facility comes as a testament to SODIC’s credibility and strength of its financial position.”