Cairo – Mubasher: Grand Investment Capital’s board of directors has approved to sell an administrative unit in Sheikh Zayed at a cost of EGP 14.46 million.

The board agreed to sell the unit spanning approximately 478,300 square metres to Sodic Polygon for Real Estate Investment Co, a subsidiary of Sixth of October for Development and Investment (SODIC), the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

The offer will be submitted to the first general assembly to be held for review and approval, the Egyptian real estate firm indicated.

Grand Investment previously posted a net loss of EGP 1.3 million for the first nine months period of 2018, versus a profit of EGP 1.2 million in the corresponding period last year.