Cairo – Mubasher: The board of directors of Palm Hills Developments (PHD) approved a securitisation issuance worth about EGP 1 billion.

The transaction will be conducted by the Egyptian Securitization Company, PHD said in a bourse filing on Tuesday.

During the first six months of 2020, the property developer achieved net profits of EGP 276.585 million, down from EGP 451.47 million in the year-ago period, including minority shareholders’ rights