AIB Mulls Offering EGP 100 Mln Credit Facilities To SODIC.. Company Negates

The Six of October Development and Investment Company (SODIC) requested about EGP 100 million credit facilities from the Arab Investment Bank, sources told Amwal Al Ghad.

The bank is still studying providing these credit facilities and will say its final decision in two weeks, sources added. The 3-year fund will finance the company’s project in El Tagamu El Khames.

SODIC earlier announced in 2011 the launch of Westown Residence Project, compromising of 148 townhouses and twin-houses.

However, Ashraf Farid, Chief Operating Officer at SODIC, said there no talks with the bank over such finance in the current period.

SODIC‘s quarterly consolidated financial results in 2012 showed achieving net profit of EGP 35.730 million, compared to a net loss of EGP 16.075 million in Q1 of FY 2011.