Egyptian Company to Sell Defunct Ginning Land
October 29, 2009 Reuters
Egypt’s Arab Cotton Ginning Company will split its real estate holdings from its cotton production and offer the land for housing and commercial developments, the firm said in a statement on Sunday.
A new company will be created to manage the real estate investments, including the sale of land and the development of housing, tourism and commercial properties.
Arab Cotton Ginning owns more than 600,000 square metres of land in 13 locations in Egypt. The land once housed gins — machines for separating cotton fiber from seed — that have moved to cheaper industrial zones away from residential areas.
Arab Cotton Ginning said it will take three to four months to complete the split, and that the firm will reacquire the spun-off company via a share swap.
(Writing by Alastair Sharp; Editing by Mike Nesbit)
(Story found in original format here.)
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