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UAE's UPP Capital Investment raises stake in Palm Hills

UAE's UPP Capital Investment raises stake in Palm Hills
The UAE-based company bought 17 million shares in Palm Hills
Palm Hills
PHDC
-1.71% 2.30 -0.04
UPP
UPP
-0.29% 0.34 -0.00

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.