Heliopolis Company for Housing and Development’s board of directors approved on February 27 to sell part of the company’s land portfolio to finance its investment plan, Invest-Gate reports.

The Egypt-based firm decided to sell its 1,980-square-meter plot located behind Sheraton Heliopolis and a 190-acre land plot in New Heliopolis City, northeast Cairo, in addition to a 100-acre land area in Heliopark City, east Cairo, according to a recent bourse filing.

The sale proceeds of the transactions will be used for the company’s investment scheme, financial restructuring, and capital increase.

Back in October 2018, the construction firm announced that it will sell around 30 to 100 acres of land plots in its New Heliopolis City project to be used for residential, commercial, and service purposes. According to a previous bourse filing, the sale proceeds shall be used to increase the company’s capital, allocate a sum of money to implement its investment plan, and reimburse its loans.

During the first half of FY 2018/19, Heliopolis Housing’s revenues rose to EGP 383.3 mn versus EGP 309.7 mn in the year-ago period. While the company’s profits dropped to EGP 48.6 mn in the July-December period in 2018 from EGP 59.2 mn in the prior-year period.