Cairo – Mubasher: Palm Hills Developments (PHD) signed a facility agreement worth EGP 1 billion with the National Bank of Egypt (NBE) through utilising receivables from the sale of “ready to move” units.

The facility will enable the company to promote the sale of its “ready to move” units with payment terms up to 10 years, PHD’s Chairman and CEO, Yasseen Mansour, said in a bourse disclosure on Monday.

The proceeds from the sale of these units will be securitised in accordance with the company’s previously adopted securitisation programme, the chairman added.

The company confirmed its commitment to meet the EGP 1.5 billion net debt target by the end of 2020.

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