Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

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

April 7 (Bloomberg) -- 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 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.