Al Hokair Subsidiary wins usufruct right of ‘Magic Land’

CAIRO – 21 February 2018: Egyptian Media Production Company announced that the company’s board of directors approved the sale of the right of usufruct for the recreational ‘Magic Land’ to one of Al Hokair’s subsidiaries, according to a filling at the Egyptian Exchange (EGX).

The company added that Al Hokair subsidiary will pump investments worth $30 million in the project for 30 years.

The statement clarified that the value of the right of use is ($678,000) per year, with an annual increase of LE 300,000 and five percent of the gross profit before amortization.

Egyptian Media Production City Co SAE (known as Media Production City) is a public company, listed on Egyptian Exchange (EGX) since September 1999.

Media Production City operates within the media sector and focuses on movies and entertainment. It has four subsidiaries operating across Egypt working on movies and entertainment, application software, hotels, resorts and cruise lines and broadcasting. Media Production City is based in 6th of October city, Egypt and was established in January 1997.