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Sodic to Invest 1 Billion Pounds in West Cairo in 2012, Mal Says

Feb. 20 (Bloomberg) -- Six of October Development & Investment Co. plans to invest 1 billion Egyptian pounds ($166 million) in its projects in the western part of Cairo this year, Al Mal reported citing Chief Financial Officer Salah El Shafey.

The plan compares with 800 million pounds the company, also known as Sodic, invested in those projects last year, the Cairo-based newspaper cited El Shafey as saying.

Six of October had sales of 973 million pounds last year, the report cited El Shafey as saying. It had 968 million pounds of cancellations, the newspaper 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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