Heliopolis Company for Housing and Development announced on October 24 that it will sell around 30 to 100 acres of land plots in the New Heliopolis City project to be used for residential, commercial, and service purposes, Invest-Gate reports.

The sale proceeds will be used to increase the company’s capital, allocate a sum of money to implement its investment plan, and reimburse its loans, Heliopolis Housing said in a bourse filing.

On October 17, Heliopolis Housing said its board of directors approved a long-term loan worth about EGP 1.2 bn from a national bank to pay all due debts and liabilities – to be reimbursed in seven years and a half, the company revealed in a previous bourse filing.

The company had 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, according to data reported.