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Union Properties denies execution of transactions on Palm Hills' shares

Union Properties denies execution of transactions on Palm Hills' shares
The company's management is evaluating all the transaction's options
Palm Hills
PHDC
-0.40% 1.52 -0.01
UPP
UPP
0.00% 0.00 0.00

Dubai – Mubasher: Union Properties.announced that the sale of Palm Hills Development Company shares, owned by its subsidiary, to the Arab African International Bank (AAIB) was not executed through the company.

The management of Union Properties is evaluating all the options of the transaction for the shareholders' best interests, according to the company's disclosure to the Dubai Financial Market (DFM) on Thursday.

The financial impact of the transaction will be registered in the company's financial statements for the third quarter (Q3) of 2020.

It is noteworthy to mention that on Tuesday, 14 July, AAIB disclosed its full acquisition of UPP Capital Investment's 12.3% stake in Palm Hills Development Company at a total value of EGP 544.2 million.