Palm Hills
PHDC
PHDC
Palm Hills Development Co. announced it is holding negotiations with Arab African International Bank (AAIB) as regards a syndicated loan amounting to EGP 2.4 billion.
According to the company, the facility will go for financing various projects, in addition to financing nearly EGP 640 million out of outstanding bank loans.
The loan’s initial terms have recently been signed, while the final internal approvals are expected to be obtained and the company will start using the loan by the end of June, 2014.
PHD had posted EGP 236.83 million net profit in FY13, against EGP 134.63 million net loss incurred in the same period a year earlier.
According to the company, the facility will go for financing various projects, in addition to financing nearly EGP 640 million out of outstanding bank loans.
The loan’s initial terms have recently been signed, while the final internal approvals are expected to be obtained and the company will start using the loan by the end of June, 2014.
PHD had posted EGP 236.83 million net profit in FY13, against EGP 134.63 million net loss incurred in the same period a year earlier.
Source:
Mubasher
