Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) announced signing an addendum to its medium-term facility agreement with Commercial International Bank (CIB) to raise the value of the loan by EGP 230 million.

Under the new deal, the total value of the facility will be raised to EGP 500 million, SODIC said a statement to the Egyptian Exchange (EGX) on Wednesday.

On 30 August 2017, SODIC inked a medium-term facility agreement worth EGP 270 million to finance the development of October Plaza in west Cairo.

During the first quarter of 2019, SODIC’s net profits declined by 23.6% to EGP 162.04 million, compared to EGP 212.11 million in the year-ago period.