The Clap
Soreal, a SODIC (OCDI) subsidiary, has signed a credit facility contract with Ahli United Bank worth EGP 600 million.
The deets
The contract will be through a check discounting process representing future installments of units delivered in the Eastown New Cairo project.
Claps Class
Discounting is a financial transaction that allows companies to receive the value of their sales immediately. For example, if a company has invoices for future dues, it can sell the invoices to a third party and get the money immediately.
For SODIC’s full statement, click here.
