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Eastern Co sells land plot for EGP EGP 51.7m

Eastern Co sells land plot for EGP EGP 51.7m
The company offered a land plot covering 1,470 sqm in Alexandria
Eastern Co
EAST
-1.09% 11.84 -0.13

Cairo – Mubasher: Eastern Co. announced the sale of a land plot in Alexandria in a public auction on Thursday.

The land plot was sold for the highest bid of EGP 35,160 per square metre (sqm), according to a bourse statement on Sunday.

Previously, the company announced offering a land plot covering 1,470 sqm in Alexandria.    

Accordingly, the land plot was sold for EGP 51.685 million.

Meanwhile, no bids have been submitted for a 1,650-sqm land plot in Al Jazeera offered in a public auction on 29 January.

Another 3,243-sqm land plot is set to be offered by the company in a public auction on 6 February.     

It is noteworthy that during the first quarter of fiscal year 2019/2020, the tobacco manufacturer reported net profits of EGP 1.05 billion, compared to EGP 991.18 million in the year-ago period.