Land sale in Lebanon
(World News Egypt)

Press Release USD 13.5 million land sale in Lebanon Sale of 22.4k square meters of surplus real estate for USD 13.5m Alexandria, 2nd April 2020 -Lecico Egypt`s Lebanese subsidiary has successfully sold two of the three plots of surplus land it offered for sale in 2019. The 22,442 square meters of land was sold for USD 13,465,200 dollars (LE 212.1 million), a value of USD 600 per square meter. The cash proceeds of the sale will be used to reduce debt in Lebanon and will result in a circa 20% reduction in the group net debt levels. USD 10.0 million (LE 157.5 million) of the sale proceeds have already been...