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North Africa Real Estate plans $90m asset sale

North Africa Real Estate plans $90m asset sale
Photo Credit: Arabianeye - Reuters
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NOAF
-23.08% 0.40 -0.12

Cairo – Mubasher: North Africa Real Estate Investment (NOAF) said Thursday it will hold a board meeting on 28 June to discuss the sale of owned assets worth up to EGP 688.574 million ($90 million).

The board will look into selling a hospital and a school in New Cairo project at $50 million and $40 million respectively, according to the company.

The board will also discuss a share buyback.

The real estate investment firm earlier posted a 71.3% fall in Q1 net profit to EGP 754,400 ($98,800), down from EGP 2.6 million ($340,000) in the same period a year earlier.