SODIC plans to invest up to EGP 1 bn to grow its land bank this year

INVESTMENT WATCH- SODIC plans to invest up to EGP 1 bn to grow its land bank this year: Our friends at SODIC are planning to invest between EGP 900 mn and 1 bn to expand their land bank this year, CEO Magued Sherif told reporters yesterday, according to Arabic Reuters. Sherif did not get into details on where the company hopes to acquire new land. His remarks came as SODIC continues to explore a potential merger with MNHD, talks on which reportedly began back in April. Advisors to the two companies met last week to discuss what a combination of the two businesses might look like and how could be structured. Sherif said earlier this month that a merger with MNHD could leverage “the strengths of the two companies in their respective target markets and accelerate the monetization of a consolidated land bank of 14 mn sqm.”