Egypt-based Sixth of October for Development and Investment (SODIC) intends to seal EGP 7.202 bn contracts in 2019, while also planning to invest around EGP 5.173 bn across its developments and its subsidiaries’ projects this year, Invest-Gate reports.

The property developer targets to deliver 1,151 housing units in 2019, at a total value of EGP 5.154 bn, SODIC said in a recent bourse filing on February 14.

However, SODIC noted that the figures reported in the statement are estimates that are subject to change based on the developer’s achievements throughout the current year, as well as, any further investments.

Meanwhile, the EGX’s listing committee on February 13 has approved to list SODIC’s capital increase by an amount of EGP 27.5 mn, from EGP 1.369 bn to EGP 1.397 bn, the Egypt-based developer said in another bourse filing.

According to the filing, SOCIC highlighted that the listed capital increase will be “distributed over 6,880,204 shares at a par value of EGP 4 per share funded through the special reserve – share issuance premium.”

SODIC had earlier revealed that 41% of its “unlaunched land bank” is in west Cairo, in addition to another 41% in east Cairo as well as 18% in the North Coast.