The Madinet Nasr Housing and Development Company (MNHD) has signed an EGP 2.1bn long-term joint financing loan with the National Bank of Egypt (NBE), Banque Misr and the Arab African International Bank (AAIB).
In a statement on Sunday, the company said the loan will be used to finance part of the investment costs of the Saray 1 and Saray 2 project.
Another part of the finance will also be used to repay the loan previously obtained from the AAIB to finance the project’s construction.
MNHD reported a record number of contracts amounting to EGP 6.3bn during 2019, an increase of 15% compared to the 2018 contracts.
Ahmed Al-Hatimi, Managing Director of MNHD, revealed that his company targets bookings and sales of EGP 7.5bn during 2020.
The company aims to achieve EGP 3bn in revenues over the year, Al-Hatimi said, adding that it also seeks to accelerate the pace of its land development within 10 years.
MNHD had recently announced it had signed a contract with Mink Real Estate Investment Company to sell an EGP 1.15bn plot of land within the Taj City project.
MNHD’s current capital stands at EGP 1.4bn distributed over 1.4 billion shares with a nominal value of one share. The company’s ownership structure is divided between BIG Investment Group companies (19.88%), the Holding Company for Construction and Development (15.19%), and B Investments Holding ( 7.45%).
The National Investment Bank (NIB) also contributes 3.69%, Banque Misr 3.47%, the company’s employees union 0.281% in addition to other shareholders, individuals and institutions.