News Release
Q2 2022
Cairo, Egypt | 14th of June 2022
SODIC subsidiary signs EGP 600 million Accounts Receivable Discounting Facility
Cairo, Egypt, 14th June 2022; SODIC has announced that Six of October For Development & Real Estate Projects (SOREAL), SODIC's wholly-owned subsidiary, has signed a discounting facility agreement with Ahli United Bank (AUB) for receivables representing future instalments for delivered units in SODIC's East Cairo project Eastown Residences.
The signature of the EGP 600 million facility on favorable terms and with one of Egypt's leading lenders comes as a testament to SODIC's credibility and its strong financial and operational performance.
"It is a pleasure to start this long-term partnership with AUB, one of Egypt's most prominent financial institutions" commented Omar Elhamawy, SODIC's Chief Financial Officer. "This agreement comes in line with SODIC's continuous efforts to diversify our funding sources to enable growth and support ongoing operations while maintaining the strength and liquidity of our balance sheet and financial position."
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1 | SODIC | News Release |
Shareholding Structure as at 31/03/2022
10%
5%
85%
Aldar-ADQ Consortium
Ekuity Holding
Others
News Release
Q2 2022
Cairo, Egypt | 14th of June 2022
About SODIC
Building on a history of more than twenty five years of successful operations in Egypt, SODIC is one of the country's leading real estate development companies, bringing to the market award-winning large scale developments to meet Egypt's ever-growing need for high quality housing, commercial and retail spaces.
Headquartered in Cairo and listed on the Egyptian stock exchange (EGX) under OCDI.CA, SODIC is one of the few non-family owned companies traded on the EGX.
Forward Looking Statements
Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of SODIC. Such statements involve known and unknown risks, uncertainties and other factors; undue reliance should not be placed thereon. Certain information contained herein constitutes "targets" or "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "seek," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of SODIC may differ materially from those reflected or contemplated in such targets or forward- looking statements. The performance of SODIC is subject to risks and uncertainties. Various factors could cause actual results to differ materially from those expressed or implied by the forward-looking statements in this document including worldwide economic trends, the economic and political climate of Egypt, the Middle East and changes in business strategy and various other factors.
SODIC Investor Relations
Contact Information
Omar Nashaat onashaat@sodic.com (+202) 3827 0300
IR website ir.sodic.com
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SODIC - Sixth of October Development & Investment Co. SAE published this content on 14 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2022 12:42:03 UTC.