Egypt’s SODIC says accepts resignation of managing director

The board of directors at SODIC has accepted the resignation of its managing director, Egypt’s third largest listed real estate developer said in a statement to the stock exchange.

Ahmed Badrawi will leave his position as managing director as well as his seat on the board as of Sept. 15. He is leaving of his own accord, the company said.

Badrawi joined SODIC, also known as Sixth of October Development and Investment Company, in 2006 as head of business development. He became managing director in March 2013.

SODIC is targeting sales of 4 billion Egyptian pounds ($524 million) this year, up from 3 billion in 2014. The company targets upper middle income consumers.

source: Reuters