Cairo – Mubasher: The Arab African International Bank (AAIB) has acquired a 12.25% stake in Palm Hills Developments (PHD), according to a bourse disclosure on Monday.

The transaction involved the purchase of 381.9 million shares for EGP 544.2 million at an average price of EGP 1.43 per share.

Meanwhile, UPP Capital Investment has sold the same stake in the company for the same value.

It is worth mentioning that during the first quarter of 2020, PHD reported net profits of EGP 84.59 million, down from EGP 154.97 million in the year-ago period, including minority shareholders’ rights.