Sodic Climbs as Cairo Court Rules in Favor of Unit: Cairo Mover

Six of October Development & Investment Co. rose for a second day after a court ruled in favor of its unit on a plot of land at a property development.

Shares (OCDI) climbed 1.5 percent to 19.24 pounds at the 2:30 p.m. close in Cairo. The benchmark EGX 30 Index advanced 1 percent.

A court in Cairo yesterday accepted the Sorial unit’s appeal against a government agency’s decision to deny the company a plot of land in the Eastown development, Six of October, also known as Sodic, said in a statement today. It means the company can keep developing the project, it said.

Eastown is a real-estate development of residential and office units on 860,000 square meters of land east of Cairo, according to Sodic’s website. In February, a government- sponsored committee gave Sodic three years to develop the land.

To contact the reporter on this story: Nadine Marroushi in Cairo at nmarroushi@bloomberg.net

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

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