MPC, Saudi company sign LE12m contract for Magic Land

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

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