CAIRO, April 15 Egyptian property developer
SODIC has agreed to pay the government 900 million
Egyptian pounds ($129 million) over seven years following a
revaluation of its Eastown scheme in Cairo, adding it would
develop the project over five years.
Egypt's investment minister Mounir Fakhry Abdel Nour said on
April 6 that SODIC had revalued land bought from the state for
the project and agreed to pay the difference over the sum it had
SODIC had not officially commented on the settlement until
Tuesday's statement which was sent to the stock exchange.
($1 = 6.9802 Egyptian Pounds)
(Reporting by Shadia Nasralla; Editing by Mark Potter)