Cairo – Mubasher: Heliopolis Company for Housing and Development in the middle of negotiations with number of banks to secure a credit facility of EGP 388 million, Investors Relations Manager, Bahaa AL Dein Fattoh told Mubasher.
The company expects to finish studying the loans offers and to reach a final decision in next September.
“Heliopolis Housing run talks with each of National Bank of Egypt, Banque Misr, Barclays bank, Audi Bank, Arab African International Bank in addition to finance leasing firms in order to obtain the needed loan,” said Bahaa AL Dein.
Earlier, the company stated that the loan proceeds will be used to implement project in New Heliopolis and an Electricity station, in cooperation with the Egyptian Armed Forces, at total value of EGP 228 million during 24 months.
The company targets investments worth EGP 550 million in FY2015/16, according to its estimated budget.