By Ahmed Allam

Cairo – Mubasher: Heliopolis Company for Housing and Development has a signed a contract worth EGP230 million with the National Service Project Organization, one of a series of defense ministry-run entities, said Deputy Chairman Khaled Al-Mraci.

By this contract, the company will design two power plants in Heliopolis and establish only one, Al-Mraci stated, adding that the first phase of the project includes the execution of 66 KV power plants and is likely to be completed within 24 months

Earlier, the board of the directors approved the year-ahead investment plan at EGP500 million for residential and land development.

The company has established projects worth EGP331.8 million in New Heliopolis, Al Oubor, Sheraton area, and other areas.

Earlier, the company announced it plans to reestablish the fourth district in its project New Heliopolis at total cost of EGP 400 million.

In a related development, Heliopolis Housing said it signed a contract with Sixth of October for Development (SODIC) to develop real estate project, with expected returns of EGP 30.35 billion.

The company’s stock closed Sunday’s trading session at EGP51.74 per share, gaining EGP5 million after 98,700 shares were traded. 

Translated by Ahmed Ali