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Correction: SODIC registers EGP 477m net loss in 2013

The Daily News Egypt reported yesterday that real estate company Sixth of October Development and Investment (SODIC) reported a net profit of 229m, however, 2013 actually ended with a net loss of EGP 447m. “The company actually made a net loss. This [229m net profit] would have been the figures if not for the take-offs,” …

Sara Aggour

Egypt’s SODIC settles with government over Eastown project

Reuters – Property developer SODIC has signed a dispute settlement with Egypt’s government, agreeing to pay EGP 900m ($129m) over seven years after a revaluation of its Eastown scheme in Cairo, the company said on Tuesday. Egypt’s investment minister Mounir Fakhry Abdel Nour said on 6 April that SODIC had revalued land bought from the …

Daily News Egypt

Government resolves dispute with developer SODIC: Minister of Industry

Reuters – Egypt has settled a dispute with SODIC over the property developer’s Eastown scheme after the firm agreed to pay EGP 900m ($129m) in installments over about seven years, the Minister of Industry and Foreign Trade said on Sunday. “The dispute is closed,” Mounir Fakhry Abdel Nour said of the legal dispute over the …

Daily News Egypt

SODIC: no litigation against us

The Sixth of October for Development and Investment Company (SODIC), Egypt’s third largest real estate developer, reported to the Egyptian Stock Exchange that no lawsuits were filed against them by the Lebanese multinational real estate developer Solidere. According to AhramOnline’s report on Tuesday; Beltone, a Cairo-based investment bank, stated that Solidere announced Sunday its plans …

Islam Serour

SODIC swings to 2011 net loss

Ehab Farouk and Tom Pfeiffer / Reuters CAIRO: Egyptian real estate developer SODIC said on Tuesday it fell to a net loss last year, when the industry was thrown into turmoil by challenges to state land sales and a mass uprising. SODIC, the country’s third-biggest listed developer, reported a loss of LE 193 million ($31.96 …

DNE

SODIC sees no impact from ruling against ex-chairman

By Dina Zayed / Reuters CAIRO: Egypt’s SODIC, the country’s third-biggest listed developer, said on Tuesday a court ruling that fined and sentenced its former chairman to prison over graft charges would have no impact on its shareholders or its assets. A court on Thursday sentenced Magdi Rasekh, father-in-law of ousted President Hosni Mubarak’s eldest son …

DNE

SODIC agrees to develop Cairo project in 3 years

By Dina Zayed / Reuters CAIRO: SODIC, the country’s third-biggest listed developer, has agreed with the authorities to develop projects on its land bank in West Cairo within three years, in a move that protects the assets from possible legal challenge. SODIC, a luxury property developer, has been spared much of the legal uncertainty over ownership …

DNE

SODIC registers sales of $96 mln to end-Sept

CAIRO: SODIC, Egypt’s third-biggest listed real estate firm, registered almost LE 570 million ($95.6 million) worth of sales to the end of September, the firm said in a statement on Sunday. SODIC said it would disclose a definitive sales figure, factoring in cancellations and other changes, with its financial results for the third quarter. The …

DNE

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