EECC agrees to sell or lease 43k sqm of unutilized land

The board of directors of the Egyptian Electric Cables Company has agreed to sell or lease 43,000 sqm of its unutilized land, Managing Director of Financial Affairs Mohamed Ibrahim told the local press. The company aims to divide up the land into plots that can be sold directly to one or more buyers, he said, adding that proceeds would be invested to increase production and renovate facilities. The company, which said in April that the size of its unutilized land is about 114,000 sqm, is targeting EGP 2.4 bn in sales by the end of 2019.