Egypt's Arab Company for Asset Management sells its land in Beheria

Egypt - Arab Company for Asset Management and Development (ACAMD) approved selling its 6,139.9-square-meter land in Beheria at EGP 37,453,451 (EGP 6,100 per square meter), according to the company's June 7th statement filed to the Egyptian Exchange.

The amount of the land will be paid no later than August 25th, the company stated.

ACAMD suffered a net loss of EGP 1,867,301 in 2019, against a net profit of EGP 8,901,610 a year earlier.

In February, the company announced achieving a net profit of EGP 43,900,985 since the company's establishment in 1974.

Arab Company for Asset Management provides commercial banking services including deposits, loans, and credit cards, in addition to asset management services including fund management. It owns a land bank in attractive locations across Egypt with a total area of around 588,000 square meters approximately.

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