Cairo – Mubasher: The board of directors of Palm Hills Developments (PHD) approved the long-term syndicated loan agreement signed with the National Bank of Egypt (NBE) and other banks.

The EGP 1.28 billion loan will be used to refinance the outstanding balance, fees, and commissions of the medium-term syndicated loan, valued at EGP 1.24 billion, borrowed to finance the development of the Crown project, the company said in a bourse disclosure on Tuesday.

During the first nine months of 2020, the property developer logged EGP 536.55 million in net profits, down from EGP 595.02 million in the same period a year earlier, including minority shareholders’ rights.