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El Kahera Housing approves EGP 580m loan from ADIB Egypt

El Kahera Housing approves EGP 580m loan from ADIB Egypt
El Kahera Housing logged net profits of EGP 85.18 million in nine months
Abu Dhabi Islamic Bank
ADIB
2.88% 9.03 0.26
El Kahera Housing
ELKA
0.97% 11.40 0.11

Cairo – Mubasher: The board of directors of El Kahera Housing approved a funding agreement worth EGP 580 million with Abu Dhabi Islamic Bank – Egypt (ADIB Egypt).

The funding will be used for the payment of all dues owed to financial leasing companies regarding financing Point 90 Mall, owned by El Kahera Housing, under a seven-year loan agreement, according to a statement to the Egyptian Exchange (EGX) on Thursday.

It is noteworthy that during the January-September period of 2019, El Kahera Housing’s net profits fell to EGP 85.18 million from EGP 356.8 million in the corresponding period a year earlier, including minority shareholders’ rights.