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SODIC raises EGP300 mln loan from CIB

SODIC raises EGP300 mln loan from CIB
SODIC
OCDI
-2.60% 44.56 -1.19
CIB
COMI
-3.05% 80.00 -2.52
Six of October Development & Investment Co. (SODIC) said it signed on Wednesday a EGP 300 million loan agreement with Commercial International Bank (CIB).
According to the company’s statement, portion of the credit facility will for paying the remaining sum in the settlement agreement signed with Solidere Egypt on February 25, 2014, as regards the company’s land plot in Sheikh Zayed City.
SODIC had announced in February the amicable settlement of dispute with Solidere International and Solidere Egypt.
Meanwhile, the remaining portion of the loan will be used in funding any deficit in cash inflows related to the development of Sheikh Zayed City land plot.