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CI Capital approves JV with Palm Hills, coronavirus donation

CI Capital approves JV with Palm Hills, coronavirus donation
CI Capital achieved net profits of EGP 101.85 million in Q1-20
CI Capital Holding
CICH
2.63% 4.30 0.11
Palm Hills
PHDC
0.57% 1.41 0.01

Cairo – Mubasher: The ordinary general meeting (OGM) CI Capital Holding For Financial Investments approved a decision to contribute EGP 1.471 million to support the healthcare sector in the face of the coronavirus (COVID-19) pandemic.

In addition, the company’s shareholders also authorised Taaleem Management Services Company, one of its minority-owned investments, to set up a joint venture (JV) with a subsidiary of Palm Hills Developments (PHD), according to a bourse disclosure on Wednesday.

In June, PHD and Taaleem Management Services Company signed a memorandum of understanding (MoU) to establish a JV which will build a higher education campus.

It is worth mentioning that during the first quarter of 2020, CI Capital achieved net profits of EGP 101.85 million, down from EGP 122.95 million in the year-ago period.