The firm said in October it was
splitting its real estate holdings from its cotton production and would
sell them for housing, tourism and commercial projects. The 22 land
plots auctioned were in Zifta 75 km (47 miles) north of Cairo.
Arab Cotton Ginning owns more
than 600,000 square metres of land in 13 areas in Egypt, some of which
once housed gins — machines for separating cotton fibre from seed —
that were moved to cheaper industrial zones away from residential areas..
Arab Cotton Ginning received
2.2 million Egyptian pounds in initial payments from the buyers, with
50 percent of the purchase value to be paid by June 15, when the land
would be delivered..
The remaining 50 percent would be paid in 5 percent quarterly installments beginning September 15..
The firm’s shares were trading 2.5 percent higher by 1112 GMT. The benchmark index was up 0.1 percent..