ElArabia for Land Reclamation okays selling land for LE33.3 m

Updated 12/25/2016 4:23:34 PM

Arab Finance: El Arabia for Land Reclamation's (EALR) Board of Directors was convened on 22/11/2016.

The company's BoD approved selling a land plot with areas of 855 acres, more or less, in Aswan, at LE39,000 per acre, with total value of LE33,345,000.

The company stated in its statement sent to EGX, that it obtained a deposit of LE7,002,450, representing21% of the land's total value, adding that the remaining value will be obtained over 3 years with interest rate representing 7%, each intallement is amounting to LE10,238,249.