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SODIC to buy one million treasury stocks

The real-estate developer will buy treasury stocks from shareholders to push up share prices

Ahram Online, Sunday 28 Aug 2011
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Views: 1262

The Egyptian Stock Exchange has received a release from Egyptian Financial Supervisory Authority (EFSA) stating that Six of October Development & Investment (SODIC) will buy one million treasury stocks at LE18, from the shareholders during the ten working days after the opening of the operations market at the stock exchange (OPR).

According to the release, SODIC has resorted to treasury stocks to push up and support its share price.

SODIC has sold properties valued at LE550 million ($92 million) since the start of the year, Egyptian newspaper, Al-Mal, reported.

The Cairo-based luxury real-estate developer invested LE100 million a month in ongoing projects, Ahmed Badrawi, the company’s business development director, was cited by the paper as saying.

SODIC’s capital was listed in Egypt’s main index EGX30 on 3 March 1998 at LE362.7 million ($ 61.4 million).

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