Rakta inks final deal to sell land plot

The land plot spans over an area of 329,143 square metres

Cairo – Mubasher: Rakta Paper Manufacturing has signed the final deal to sell a land plot over an area of 329,143.93 square metres (sqm) in Alexandria to the Egyptian General Petroleum Corporation (EGPC).

The land plot has been sold for EGP 447.76 million, Rakta said in a bourse disclosure on Tuesday.

In December 2020, the company signed a deal with the EGPC to sell an 80-feddan land plot in Alexandria Governorate.

In fiscal year (FY) 2020/2021, Rakta Paper Manufacturing incurred net losses of EGP 98.277 million, down from EGP 124.64 million a year earlier.

Source: Mubasher

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