CAIRO – 27 July 2021: Sixth of October Development and Investment (SODIC) announced the success of its subsidiary SODIC Securitization in completing the first issue of securitization bonds worth LE 343 million. Securitization describes the process of pooling financial assets and turning them into tradable securities. White and Case's office acted as the legal advisor for the transaction, while Hazem Hassan's office acted as the financial auditor of the issue, and the Commercial International Bank acted as the custodian. The company’s total revenues rose during the period to LE 848.57 million, compared to LE 528.98 million during the comparable period of 2020. As for standalone results, the losses of the company declined during the period to LE 44.18 million, compared to losses amounting to LE 79.718 million during the comparative period of 2020.

Source: Egypt Today July 27, 2021 13:52 UTC