Fawaz Abdulaziz Al-Hokair & Partners has allocated 8.9% of the capital of the Egyptian Center for Real Estate Development (AGM) of LE 354.7 million (SR 84.4 million).


According to Arab Net, the company said in a statement that against receivables due to the company from Egyptian Real Estate Development Centers, 8.9% of the Egyptian Centers of Real Estate Development Company for the company will be allocated, based on an independent and licensed financial adviser for the fair market value of the Egyptian centers For real estate development, which amounted to 3.983 billion pounds (948 million riyals).


The financial adviser set a fair market value of Egyptian real estate development centers ranged from 3,892.1 million Egyptian pounds (SR 926 million) and 4.212.6 billion pounds (SR 1.002.6 billion) and the company has adopted a minimum market value of 3.983 billion Egyptian Pounds (948 million riyals).


Accordingly, receivables will be reclassified as an investment in the consolidated balance sheet balance sheet, providing an opportunity to enhance future capital. The deal is classified as a deal with related parties, as three senior shareholders of al-Hokair, including members of the Board, are also shareholders and members of the Board of Directors at the Egyptian Center for Real Estate Development.


The deal does not require funding, as it is a reclassification of the budget, where Al-Hokair will reclassify the receivable receivable from the Egyptian real estate development company in the capital of the Egyptian centers of real estate development.


The Egyptian Real Estate Development Centers Company was established in 2007 and is headquartered in Egypt.


The Egyptian Center for Real Estate Development Mall Al Arab, which is located in 6th of October City in Egypt with a total area of ​​621,000 square meters, which are rented more than 500 stores, including restaurants, cinemas, children's games and retail stores. The commercial center is currently undergoing its second expansion stage, which will include IKEA's accession as a major tenant.


The Egyptian Real Estate Development Center is also developing ion towers in West Cairo, which includes luxury residential buildings.