The Saudi-Egyptian Construction Company (SECON) will withdraw the remaining amount of its National Bank of Egypt (NBE) and Banque Misr loan before the end of March, according to SECON CEO Darwesh Hasanen
The company, owned equally by the Egyptian and Saudi governments, signed a loan last month with NBE and Banque Misr worth EGP 600m, divided equally between them to implement the SECON Nile Towers project.
This loan will be repaid over five years, after a grace period of one year.
Hasanen explained that the remaining amount of EGP 507.2m will be withdrawn over the period of a year, according to conditions set by both banks which related to the size of the construction implemented in the project and sales volume of the tower.
The project is comprised of two towers which will be located on the Maadi Corniche. The first one is a five-star hotel with 256 rooms and suites and will be managed by Hilton Hotels & Resorts Company. The second residential tower features 190 residential units.
The company will not borrow from the banks again at the moment, nor put part of its shares in the Estock market, according to Hasanen.
He confirmed that the company currently has sufficient liquidity to implement the targeted projects, especially after the Saudi side added approximately $121.5m to the company’s capital in June 2014.
The company is studying the possibility of entering into a number of major national projects, such as the new administrative capital and Suez Canal Area Development Project, in line with the company’s policy to achieve satisfying revenues and benefit society, the vice chairperson said.
He confirmed that the Saudi shareholder in the company is very optimistic about the Egyptian market and sees strong growth opportunities in the coming period.
