Cairo – Mubasher: The UAE’s UPP Capital Investment, a subsidiary of Union Properties, has increased its stake in Egypt’s Palm Hills Developments to 10.18% from 9.44%, according to a company statement the Egyptian Exchange (EGX).  

The UAE-based company bought 17 million shares in Palm Hills for a total consideration of EGP 69.6 million, the EGX-listed company added.

Palm Hills Developments posted profits worth EGP 936.4 million in 2017 versus EGP 785.25 million a year earlier.