“Arab Assets” agrees to offer to sell Samalout’s land for 104.4 million pounds

5

The Board of Directors of the “Arab Asset Management and Development” company approved an offer submitted by 3 persons to purchase a plot of land owned by the company in Minya Governorate, Samalut.

The company said that the offer comes at a price of 1800 pounds per square meter of the 57.77 thousand square meters of land, with a total value of 104.4 million pounds.

Last week, the company revealed that it had received an offer to purchase the 58,000-square-meter plot of land owned by it in Minya Governorate, Samalut, with a total value of 104.4 million pounds.

The company stated that Muhammad Foley, Ahmed Foley and Muhammad Yahya submitted their bid to buy the 58,000 square meters of land at a price of 1,800 pounds per square meter, bringing the total value of the land to 104.4 million pounds.

The company indicated that the buyers submitted a contractual check worth 3.98 million pounds, and the matter will be presented to the company’s first board of directors scheduled for Monday, March 15th, to discuss the offer to complete the sale or not, in preparation for presentation to the company’s general assembly.

It is noteworthy that the company was established on April 4, 2018, after its split from the Arab Cotton Ginning Company.

Earlier, the Arab Company for Asset Management and Development announced that Rekaz Real Estate had submitted an offer to it to purchase the plot of land owned by it in the city of Zefta, Gharbia Governorate, directly on the Nile, with an area of ​​60.79 thousand square meters under deficit and increase.

The company explained that the offer set the price per square meter at 25 thousand pounds, with a total of 1.52 billion pounds, provided that the payment is made as follows: 20% upon contracting and the rest in 8 semi-annual installments from the date of receiving the approved division.

The company announced that the buyer presented a serious check contracted for 10 million pounds.

The company sent the legal note on the division to the stock exchange on October 7, in which all contact details with the Gharbia Governorate regarding the division are clarified.

The company indicated that it is still waiting for the governorate’s response, and the matter will be presented to the first board of directors to discuss the offer to complete the sale or not, in preparation for presentation to the company’s general assembly.

The stock exchange management decided to cancel all operations carried out on the shares of the “Arab for Asset Management and Development” company during today’s trading session, with the session opening price amended to become EGP 6.21 per share.

The article “Arab Assets” approves an offer to sell Samalout’s land for 104.4 million pounds, which was written in the Al-Borsa newspaper.