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CIRA’s shareholders approve commutative contracts

CIRA’s shareholders approve commutative contracts

ArabFinance: The stakeholders of Cairo for Investment and Real Estate Development (CIRA) gave a green light for signing a commutative contract with its subsidiary EDU Systems International to manage private schools, according to a December 17th disclosure.

The unit will receive 2% of the overall revenues of each school under management, the statement noted.

CIRA’s shareholders also agreed on penning commutative contracts with Social Impact Capital to provide consultancy and administrative services.

The ordinary general meeting approved another commutative deal with Badr University as well as Marvels Company for Projects and Urban Development to implement a joint project that offers educational and commercial services in Badr City.

CIRA’s board recently approved a sukuk issuance worth EGP 600 million.

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