Posted on: Saturday, May 14, 2022 – 6:01 PM | Last update: Saturday 14 May 2022 – 6:01 PM
Eng. Mohamed Abdel-Maqsoud, Managing Director and CEO of El-Nasr Housing Company, a subsidiary of the Holding Company for Construction and Development, said that the company has settled EGP 100m of its dues with Maadi Development and Reconstruction.
Abdel-Maqsoud added to “Financial and Business – Al-Shorouk” that the Maadi Development Company has sold part of its shares in Zahraa El Maadi and Heliopolis Housing companies in favor of El Nasr Company, equivalent to 11 million shares, valued at 100 million pounds, 8 million shares in Zahraa El Maadi and 3 million shares in Misr Company. New Housing, noting that the deal will enhance the company’s direct contributions, especially in the ownership structure of Zahraa El Maadi, with a stake of approximately 10%.
Abdel-Maqsoud revealed that Al-Nasr Housing is conducting negotiations with Cairo Governorate to settle debts owed to it in return for the company obtaining a plot of land equivalent to the value of the dues.
Last April, the Ministry of Public Business Sector announced the signing of a partnership agreement between El Nasr Housing and Development Company and Scope International Engineering, to develop and develop the Mokattam Corniche and the Mastab. On an area of 1.75 million square meters, the project cost is about 32 billion pounds, while the expected revenues are about 61 billion pounds.