Heliopolis Company for Housing and Development said its board of directors approved on October 17 a long-term loan worth about EGP 1.2 bn from a national bank, to be reimbursed in seven years and a half, Invest-Gate reports.

The loan will be used to pay all due debts and liabilities, the company said in a bourse filing, adding that it will be paid in accordance with the company’s statement of cash flow and proceeds from residential, commercial, and service lands. 

Heliopolis Housing is working on fulfilling all required procedures to secure the requested loan and is currently seeking to obtain the approval of the finance ministry regarding the matter, the statement added.

The company has previously reported a 28.1% year-on-year (YoY) drop in net profit for FY 2017/2018, logging EGP 265.3 mn, compared to EGP 348.8 mn a year earlier.

During FY 2018/2019, the company is targeting to achieve revenues of EGP 1.06 bn and distributable profits of EGP 2.84 mn, according to data reported.