SODIC Strikes Deal with Beltone

The company will sell one of its properties to the financial holders or one of their subsidiaries for $36 million

The ordinary general meeting (OGM) of Six of October Development and Investment Company (SODIC) agreed to sell EDNC Building No 1 at Eastown Project in New Cairo at a value of EGP 1.11 billion ($36 million). Development and Real Estate Projects (Soreal), one of SODIC’s units, will sell the 6,876 square metres building to Beltone Financial Holding or one of its subsidiaries.

SODIC highlighted that 20 per cent of the total value will be paid upon signing the sale agreement, while the remaining amount will be paid over four and half years in quarterly equal installments. The real estate developer added that EGP 61.88 million will be paid upon delivery, according to a bourse filing.

It is worth noting that the shareholders of SODIC greenlighted the sale deal during their meeting that was held on 12 July. During the first three months of 2023, the consolidated net profits attributable to the shareholders of SODIC hit EGP 187.31 million, down year-on-year (YoY) from EGP 226.23 million. Beltone turned to consolidated net losses after tax worth EGP 52.03 million as of 31 March 2023, versus net profits valued at EGP 3.83 million in the year-ago period.