SODIC spent EGP 804 mn of its 2014 capital increase as of 1H2017

SODIC has spent EGP 804 mn in proceeds from its 2014 EGP 992.9 mn capital increase as of 1H2017, according to an EGX filing. Among the noteworthy expenditures are the EGP 400 mn invested in its Villette project in 2014 and EGP 191 mn spent to acquire the Tobrouk Building Company and purchase a 172k sqm land plot in 2015. In 2016, SODIC spent EGP 100 mn on the New Heliopolis project, in partnership with Heliopolis Company for Housing & Development. SODIC also allocated EGP 10 mn to engineering works at New Heliopolis in 2017 and expects to launch phase one in October.