Company History
From incorporation in 1997 to an issued capital of EGP 115,128,540 today — the milestones that shaped Atlas.
Establishment
The company was incorporated under Law 159 of 1981 with an authorized capital of EGP 10,000,000 and an issued capital of EGP 4,000,000, divided into 4,000 shares of EGP 1,000 each.
Groundwater Licence
Obtained a licence to drill 4 groundwater wells with a capacity of 1,224 cubic metres per day.
Land Acquisition
Signed a purchase contract for 553 acres of agricultural land plus 4,200 sqm of buildings with the General Authority for Reconstruction Projects and Agricultural Development.
Tax Exemption
Obtained a certificate granting the company a ten-year income tax exemption starting from the commencement of operations.
Ownership Transfer
Atlas shares were transferred to new shareholders, and roughly half of the farm area was sold to Eva Company.
Administrative Building
Contracted to purchase an administrative building of 5,410.5 sqm with an attached landscaped plot and car park.
Capital Increase to EGP 20M
Issued capital increased to EGP 20,000,000 divided into 2,000,000 shares of EGP 10 nominal value, in preparation for listing and offering the shares on the Egyptian Exchange, alongside work on the site infrastructure.
EGX Listing Approval
Received the approval letter for listing the company on the Egyptian Exchange.
Land Valuation
Commissioned the Khaled Akl office to issue a valuation report for a plot of about 23 acres at km 43 Cairo–Alexandria Desert Road.
Purchase of 23 Acres
Contracted to purchase approximately 23 acres from River Valley Company at km 43 Cairo–Alexandria Desert Road.
Capital Increase
Issued and paid-in capital increased to EGP 59,207,760, divided into 5,920,776 shares of EGP 10 each.
Activity Change Payment
Paid EGP 11 million to the Ministry of Agriculture to change the land activity and raise the built-up ratio to 25%, converting it into a residential compound named Riviera Avenue.
Al-Mona Acquisition
Atlas for Land Reclamation & Agricultural Processing acquired 60% of Al-Mona Agricultural Development for EGP 18,597,600, after a 10% discount on EGP 20,664,000, based on the MH Financial Consultancy valuation of EGP 34,440,000.
Atlas Real Estate
Established Atlas for Real Estate Investment & Urban Development, with Atlas for Land Reclamation holding 99.9% of its shares, for real-estate investment in new cities and urban communities.
Riviera Avenue Barter Contract
A barter contract was concluded for Atlas Real Estate to execute the Riviera Avenue residential compound; accordingly the rear plot of about 23 acres was sold to Atlas Real Estate.
Asset Valuation
Commissioned the Akl office for project management and valuation (Dr. Eng. Khaled Ahmed Akl, real-estate valuation expert no. 68) to value the desert land of about 22 acres at km 42.5 Cairo–Alexandria Desert Road.
Presidential Decree No. 77
Presidential Decree No. 77 annexed the project land within the boundaries of Sheikh Zayed City and suspended any earlier Ministry of Agriculture decision on the activity change, freezing sale and purchase transactions in the area pending regularisation. After a two-year freeze, a decision granted the State half the land in exchange for regularisation and utility connections — despite the EGP 11 million already paid for the agricultural activity change and the paid utility connection estimates. Following legal counsel and board deliberation, the regularisation was approved against relinquishing 50% of the total area; a further deduction for roads left a net allocated area of 40,000 sqm out of 103,000 sqm. After receiving the new land contract, a lawsuit was filed before the Egyptian courts to recover the EGP 11 million paid to the Agricultural Projects Authority, plus compensation for the loss of alternative investment opportunities.
Atlas for Packaging & Food Industries
Established Atlas for Packaging & Food Industries, with Atlas for Land Reclamation holding 99.9% of its shares, to enter the food industry (core activity: freezing fruits and vegetables for export).
Atlas Farms
Established Atlas Farms for Agricultural Investment, with Atlas for Land Reclamation holding 99.9% of its shares, to separate the operational agricultural activities from administrative activities for clearer performance measurement and return optimisation.
Farm Asset Valuation
Commissioned the Ahmed Radi office to value the farm assets ahead of their sale to Atlas Farms for use on the farm.
Farm Management Transfer
Farm management was assigned to Atlas Farms for Agricultural Investment, and on the same date the company's assets were sold to Atlas Farms for use on the farm.
Freezing Plant Feasibility
Atlas Farms and Atlas for Packaging & Food Industries prepared preliminary technical and financial feasibility studies with the Industrial Development Authority for a vegetable and fruit sorting, preparation and freezing project with a capacity of 6,000 tons; indicators showed a payback period of about 4.71 years.
Capital Increase
The issued capital was increased to EGP 65,128,540, divided into 6,512,854 shares of EGP 10 each, and bonus shares were distributed.
New Company Name
Pursuant to an extraordinary general assembly, the company was renamed Atlas for Investment & Food Industries.
Share Split
Shares were split by distributing profits as bonus shares at one share for every ten, bringing the share value to EGP 1 and the total to 65,128,540 shares.
Building Valuation
Commissioned Mr. Khaled Akl to carry out a real-estate valuation of the administrative building and its land, ahead of presenting it to a company to obtain financing for the group's projects.
Sale & Leaseback
The administrative building and its land were sold, and on the same date a finance lease was concluded to repurchase them.
Generator Finance Lease
Concluded a finance lease for the purchase of a Perkins generator.
Land Recovery
Under the board minutes of 29-12-2020, the contract with Atlas for Real Estate Investment & Urban Development was terminated, recovering the land at km 43 Cairo–Alexandria Desert Road.
Preliminary Designs
Al-Omran Engineering Consultancy (Dr. Eng. Ahmed Awad Gomaa) was commissioned to prepare preliminary designs and the ministerial decree file for a plot of about 10 acres in the Sheikh Zayed expansion area, allocated to villas (twin, town and quarter houses), per New Urban Communities Authority requirements.
Residential Community Feasibility
Commissioned the Akl office to prepare the economic feasibility study for developing a villa community and services zone on 10.365 acres at km 42.5 Cairo–Alexandria Desert Road.
Share Split
The share was split to a nominal value of EGP 0.10, bringing the total to 651,285,400 shares.
Farm Plot Valuation
Commissioned AJAC to value 5,000 sqm of the rear farm ahead of offering it for sale to a company.
Sale & Leaseback
Based on the valuation, the plot was sold and repurchased under a finance lease of EGP 15,000,000, of which EGP 5,000,000 was drawn.
Atlas Siwa Offering
An ordinary general assembly approved offering Atlas Siwa for Agricultural Development on the Nilex market.
Ministerial Decree
The ministerial decree for the company's real-estate project was issued.
Capital Increase
The issued capital was increased to EGP 115,128,540, divided into 1,151,285,400 shares of EGP 0.10 nominal value each.