Egypt's SODIC Names Ex-Regulator as New Chairman

Egyptian real estate developer SODIC appointed a new board of directors and named the country's former top financial regulator as its new non-executive chairman, it said in a statement released on Wednesday. The political and economic turmoil after Hosni Mubarak's ouster early last year badly hurt Egypt's third-biggest listed developer, whose LE135 million ($22.4 million) profit in 2010 slid into a LE193 million loss in 2011.

A court ruling in March fined and sentenced the firm's former chairman Magdi Rasekh in absentia to prison over corruption charges in connection with a real estate deal. Rasekh was the father-in-law of ousted President Hosni Mubarak's eldest son Alaa. The new board, elected by shareholders for a three-year term on Tuesday, immediately chose lawyer Hani Sarei-Eldin as non-executive chairman while reappointing Maher Maksoud as vice-chairman and managing director. Sarei-Eldin was chairman of the Egyptian Capital Market Authority for two terms until 2007. "Dr. Sarie-Eldin brings with him a wealth of experience and expertise through his legal and regulatory background and his intensive knowledge of the real estate and finance industries," the company said in a statement.

SODIC said in April it had several projects lined up for launch and had made progress on issues surrounding its land bank, securing a development plan from the government for a key housing project. The statement gave no details of the new board's makeup. SODIC shares were trading 0.5 per cent lower by midday session.