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HC Brokerage sees Sodic profits down over failed land deal
- Egypt: Thursday, June 21 - 2012 at 11:27
HC Brokerage has said Egyptian luxury real estate developer Sodic's profit is likely to be hurt by the cancellation of a land deal by a government authority, cutting its price target on the stock by 6%, Reuters has reported. Last April, Sodic said the New Urban Communities Authority had cancelled Sodic's purchase of a plot for its Eastown project near Cairo. "It would be difficult for Sodic to replace the Eastown land due to its prime location and attractive price," HC wrote in a note to clients.
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StaffThursday, June 21 - 2012 at 11:27 UAE local time (GMT+4)
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