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SODIC says rights issue 99.19% subscribed, seeks no more

SODIC says rights issue 99.19% subscribed, seeks no more
SODIC
OCDI
0.59% 46.02 0.27

The board of Sixth of October Development & Investment Co. (SODIC) approved on Sunday the results of the company’s rights issue that was covered by 99.19% in first phase, after a total of 247,984,175 shares were subscribed. The company decided not to re-offer remaining shares.
Articles of incorporation No. 6 and 7 were amended accordingly.
The Egyptian Exchange (EGX) had announced that SODIC’s rights issue would run from October 1-30.
The subscription rights was traded as of Wednesday, October 1 until Monday, October 27. SODIC has recently obtained the approval of the Egyptian Financial Supervisory Authority (EFSA) on inviting original shareholders to subscribe to the shares of increasing the company’s issued capital by EGP 1 billion, or 250 million shares at EGP 4 par value plus EGP 0.06 issue costs each.
The company’s extraordinary general meeting had endorsed increasing capital from EGP 362.7 million (90.7 million shares) to EGP 1.363 billion (340.7 million shares)
SODIC managing director Ahmed Badrawi told Reuters last month that two-thirds of the money raised would be invested in a new project in the upscale Cairo area of Heliopolis.
The rest would go towards new land the developer is seeking to buy, either on the northern coast or outside the sprawling capital, he said.
SODIC plans to begin construction and offer the first phase of units in the mixed-use development on its 1.3 million-square metre site in Heliopolis before the end of the year.
It is targeting sales of 300-600 million pounds in the first phase and 9 billion pounds from the whole project, which it has yet to name.