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Sodic Heads for Lowest Close in Two Weeks After Losing Eastown

Six of October Development & Investment Co., an Egyptian luxury real-estate developer, headed for the lowest close in almost two weeks after the government withdrew one of the company’s land plots.

Shares (OCDI) of the Cairo-based company dropped 3.9 percent to 15.80 Egyptian pounds at 11:22 a.m. in Cairo, poised for the lowest close since March 19. The benchmark EGX 30 Index (EGX30) retreated 1.1 percent.

The company, also known as Sodic, said a government agency withdrew a plot of land it had awarded it for the Eastown project on the outskirts of Cairo. Sodic plans to appeal the decision with the New Urban Communities Authority’s upper appeals committee and has filed a petition with the Conflict Resolution Committee to preserve its rights, the company said.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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