Arab Finance: The ordinary general meeting (OGM) of Giza General Contracting and Real Estate Investment Company (GGCC) has approved selling four pieces of land spanning a total area of 33,600 square meters (sqm) along with the buildings on them to EFG Hermes Holding (HRHO), according to a filing to the Egyptian Exchange (EGX) on Monday.

The OGM also approved a guarantee to El Saeed Contracting and Real Estate Investment Company (SCCD) (UEGC) to enable it to receive a letter of guarantee worth EGP 56.4 million from QNB Alahli.

It is worth noting that Giza General Contracting’s consolidated net profit attributable to the parent company stood at EGP 23.102 million in Q1 2022, compared to EGP 22.29 million in Q1 2021.

Giza General Contracting is an Egypt-based public shareholding company that operates in the construction and engineering industries sector.

The company is primarily involved in general contracting activities, such as operations, manufacturing, and trade in industry-related activities.