Lift Slab Egypt shares rise after signing a purchase agreement with “Remco”

The shares of the Egyptian Building Industry Development Company, known as Lift Slab Egypt, listed and traded on the Egyptian Stock Exchange, rose at the end of trading on Thursday, after it announced the signing of an agreement for all units of the “Stella Di Mare Sokhna 2” project with the “Remco” company, which Specializes in establishing tourist villages.

The stock rose by 5.74%, closing at 0.313 pounds, and trading occurred through 875 transactions, including approximately 49.6 million shares, with a trading value approaching 16 million pounds.

The highest share price at the end of the session was 0.328 pounds, while the lowest price was 0.3 pounds.

The Egyptian Construction Industry Development Company revealed that the value of the deal concluded with Remco amounts to 8 billion pounds.

She explained that the agreement includes the sale of all units of the project, whether those that were previously sold or those that have not yet been sold, with the delivery of the sold units to buyers, the completion of project implementation, and the sale of the remaining units.

The company explained that the total amount of the deal amounts to 8 billion pounds, with a deduction of 3.6 billion pounds as a balance due to unit holders who booked the project before signing the contract last December, through Remco.

She indicated that the remaining amount after the discount amounts to about 4.4 billion pounds, of which 1.4 billion will be paid in annual installments over a period of three years, while the remaining amount of 3 billion will be registered as a debt on the “Remco” company.

She indicated that Remco has the option to repay these debts by increasing the company’s capital, after the approval of the extraordinary general assembly, by issuing new shares.

Remco can also pay off debts in installments agreed upon between the two parties.