Cairo – Mubasher: The board of directors of Palm Hills Developments (PHD) approved the purchase of a 28.16% stake in Palm Hills Education from El Mansour and El Maghraby for Investment and Development for EGP 4.19 million.

The board also decided to acquire an 11% stake in Eastern New Cairo for Real Estate Development at a value of EGP 11 million, PHD said in a bourse disclosure on Monday.

In addition, it also approved a decision to waive 50% of the area of a 1,283-feddan land plot in New Sphinx City to the New Urban Communities Authority (NUCA) in exchange for changing the use of the land to urban from agricultural.

Over the course of 2020, PHD reported consolidated net profits of EGP 717.76 million, down from EGP 846.78 million a year earlier, including minority shareholders’ rights