April 15, 2014 / 10:07 AM / in 4 years

Egypt's SODIC settles with government over Eastown scheme

CAIRO, April 15 (Reuters) - 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 initially paid.

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

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