By: Abdullah Bedeir

Cairo – Mubasher: Misr Italia Properties plans to invest between EGP 2 billion to EGP 2.3 billion in the Egyptian real estate market in 2019, compared to EGP 1.5 billion in 2018, Mohamed Hany Al Assal, Co- CEO of Misr Italia Properties, said.

Al Assal added on the sideline of a press conference that the company targets sales of EGP 4.5 billion in the coming year, from EGP 4 billion in full-year 2018.

For the third quarter of 2018, the company achieved net profits worth EGP 3.5 billion.

Al Assal noted that the company owns EGP 7.5 billion of land portfolio, with total investments of EGP 60 billion.

It is worth noting that the firm has decided to postpone offering its shares on the Egyptian Exchange (EGX) this year.

Listing on the stock market aims to raise the company’s capital and business, Al Assal pointed out.

Previously, the company announced its plans to float a 20% to 30% of its shares on the Egyptian bourse during the third quarter of 2018.

Translated by: Kholoud Mohamed Hussein