SODIC, Egypt’s third-biggest listed property developer, has been granted an extension for tax exemptions to end in 2012, instead of 2007.
SODIC, which manages mostly upscale real estate projects, said on Wednesday it had agreed with tax authorities to extend the exemption, since it started actual operations in 2002.
SODIC shares fell 6 percent in early trade, while the benchmark index tumbled 4.8 percent after a day of political protests.
