(MENAFN) SODIC, Egypt's third-largest listed property developer, announced it has completed a capital increase, with an estimated worth of USD139, to help finance new projects in Egypt as the real estate sector in the country begins to recover, Arab News reported.
SODIC, also known as Sixth of October Development and Investment Co, said that almost two-thirds of the money raised will be invested in a new project in the upscale Cairo area of Heliopolis, while the rest will be going toward new land the developer is seeking to buy, either on the northern coast or outside Cairo.
SODIC, which plans to begin construction as well as offer the first phase of units in the mixed-use development on its 1.3 million-square meter site in Heliopolis before the end of the year, is also targeting sales of USD41.48-82.96 million in the first phase and USD1.42 billion from the whole project.
Meanwhile, SODIC reported it has registered a profit of USD12.51 million during the January-June period of this year as well as revenues of USD87.80 million.
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