PREDCO, Aspire Holding plan inaugurate joint mortgage company

Pioneers Properties for Urban Development (PREDCO) and Aspire Capital Holding for Financial Investments intend to jointly inaugurate a mortgage finance company, according to separate statements from the two companies.

The two firms, however, confirmed that they will announce any developments once happen, including official agreements or signed contracts.

PREDCO and Aspire Holding both stated that they aim to enter the mortgage finance sector while targeting investment prospects that would boost operating activities and support the shareholders.

It is worth noting that PREDCO generated higher consolidated net profits to the owners at EGP 190.10 million during the first half (H1) of 2023.

Meanwhile, last July, the urban development firm reduced its equity ownership in United Company for Housing and Development to 17.74% from 35.06% at a total value of EGP 235.09 million.