ArabFinance: Lecico Egypt (LCSW) announced that its subsidiary in Lebanon has sold two of the three plots offered in 2019, according to an EGX disclosure.

Lecico sold the land asset for $13.46 million (EGP 212.1 million).

The land, which stretches over a 22,442 square-meter area, was sold at $600 per square meter.

Lecico noted that the cash proceeds from selling this land will be used in reducing debt in Lebanon. Also, it will result in around 20% decrease in the group’s overall debt level.

It is worth noting that Lecico Egypt still owns a plot of 21,900 square meters for sale in Lebanon.

Selling this land is part of Lecico Egypt’s restructuring plans, Chairman Gilbert Gargour said.

He added, “The reduction in debt will reduce our interest expense bull by around EGP 15 million per annum.”

It is noteworthy that Lecico Egypt has achieved EGP 300.98 million of consolidated net profits in fiscal year 2019.

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