Misr El Gadida Completes Procedures For Participation In Development Of Land Plot In Mansoura

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MISR EL GADIDA FOR HOUSING AND DEVELOPMENT SAE EGX:HELI:COMPLETES CONTRACTING PROCEDURES WITH AL-SAFI AND JEBAL COMPANIES FOR PARTICIPATION IN DEVELOPMENT OF CO'S LAND PLOT IN MANSOURA CITY, WITH APPROXIMATELY AREA OF 52,000 SQUARE METERSTOTAL REVENUES OF PARTNERSHIP PROJECT ESTIMATED AT ABOUT EGP 10 BILLIONCO'S SHARE AMOUNTS TO 31% OF TOTAL REVENUES, EQUIVALENT TO REVENUES ESTIMATED AT ABOUT EGP 3.157 BILLION, WITH A CURRENT VALUE OF MINIMUM CONTENT OF EGP 2.210 BILLION, TO BE PAID OVER 6 YEARSIN ADDITION, COMPANY RECEIVES 5% OF VALUE OF THE FINISHING WORKS, IN ADDITION TO AN ADVANCE PAYMENT OF EGP 65 MILLION TO BE PAID IN TWO INSTALLMENTS

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