Bloomberg News

Sodic Heads for Biggest Gain in Week After Obtaining Extension

October 11, 2011

Oct. 11 (Bloomberg) -- Six of October Development & Investment Co. headed for the biggest gain in more than a week after the Egyptian government granted it an extension to acquire building permits.

Shares of the Egyptian luxury real-estate developer also known as Sodic jumped 3.9 percent to 13.5 Egyptian pounds, heading for the biggest daily gain since Oct. 2. Egypt’s benchmark EGX 30 Index gained 1.2 percent.

The state-run New Urban Communities Authority gave the company six months to obtain building permits for the remaining undeveloped portion of its land in west Cairo, Sodic said today. The authority is still reviewing the three-year development schedule for the area, representing 19 percent of the west Cairo land plot owned by Sodic.

--Editors: Peter Branton, Chris Peterson

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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