The Egyptian Media Production City (EMPC) stated on Wednesday that property of the 6th October City entertainment company, Magic Land City, was sold to the Saudi-based company, Al Hokair Group. The contract is worth a value of LE12 million, and will increase by LE300,000 each year.
The term of contract is 30 years, the statement said, and the EMPC will receive 5 percent of the total profits, before calculating depreciation rates.
The agreement was signed upon the Build-Operate-Transfer (BOT) system, giving the Saudi company the right to inject $30 million worth of investments in Magic Land city.
The EMPC’s capital amounts to LE1.8 billion, a figure which when divided by its 189.6 million shares amounts to a nominal value of LE10 per share.
Edited translation from Al-Masry Al-Youm
