Cairo – Mubasher: The board of directors of Zahraa Maadi Investment and Development decided to submit a request to Heliopolis Company for Housing and Development to purchase a 34-feddan land plot in New Heliopolis.

The company plans to build a comprehensive residential and commercial project over the land plot, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Earlier this week, the investor relations manager at Zahraa Maadi, Karim Abu Eish, told Mubasher that the company is in negotiations with Heliopolis Housing to obtain a land in New Heliopolis in El Shorouk City.

In addition, an informed source told Mubasher that Heliopolis Housing is in talks with several companies to sell a 34-feddan land and another 16-feddan land in New Heliopolis.

It is noteworthy that during the first nine months of 2019, Zahraa Maadi logged a net profit of EGP 110.2 million, compared to EGP 87.17 million in the prior-year period.