Egyptian textiles company Arab Cotton Ginning (AGC) sold 11,213 sqm of land in a public auction for $15.5 million, it said in a statement to the stock exchange on Sunday.

The firm said in October it was splitting its real estate holdings from its cotton production and would sell them for housing, tourism and commercial projects. The 22 land plots auctioned were in Zifta 75 km (47 miles) north of Cairo.

Arab Cotton Ginning owns more than 600,000 sqm of land in 13 areas in Egypt, some of which once housed gins - machines for separating cotton fibre from seed - that were moved to cheaper industrial zones away from residential areas.

Arab Cotton Ginning received EGP2.2 million ($400,100) in initial payments from the buyers, with 50 per cent of the purchase value to be paid by June 15, when the land would be delivered.

The remaining 50 per cent would be paid in 5 per cent quarterly installments beginning September 15.

The firm's shares were trading 2.5 per cent higher by 1112 GMT. The Egypt benchmark index  was up 0.1 per cent.-Reuters