SODIC managing director resigns in Egypt

Ahmed Badrawi, due to leave on 15 September, 2015, has resigned "of his own accord", company says

Ahmed Badrawi, departing managing director, SODIC.
Ahmed Badrawi, departing managing director, SODIC.

The board of directors at SODIC announced in a statement to the stock exchange that it has accepted the resignation of its managing director, Ahmed Badrawi.

Sixth of October Development and Investment Company, also known as SODIC, is Egypt's third largest listed real estate developer.

Ahmed Badrawi will leave his position as managing director, as well as his seat on the board as of 15 September, 2015, Reuters reported. Badrawi is said to be "leaving of his own accord", the company said.

Badrawi joined SODIC in 2006 as head of business development. He became managing director in March 2013.

SODIC, known for catering to upper middle income consumers, is targeting sales of $524m (EGP4bn) this year.

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