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Palm Hills uses EGP 1.3bn of capital raise proceeds

Palm Hills uses EGP 1.3bn of capital raise proceeds
The remaining amount of the proceeds stands at EGP 225 million
Palm Hills
PHDC
2.42% 3.38 0.08

Cairo – Mubasher: Palm Hills Developments (PHD) used EGP 1.314 billion of its capital raise subscription proceeds.

The real estate developer spent EGP 445 million in developing Badya West Cairo over 3,000 feddans and EGP 50 million in developing a mixed-use project in west Cairo over 205 feddans, according to a bourse disclosure on Tuesday.

The company also invested EGP 819 million in developing The Crown in west Cairo over 190 feddans.

The remaining amount of the subscription proceeds stands at EGP 225 million.

These projects are currently under construction as they received the required ministerial and governmental approvals.

In 2020, PHD achieved net profits of EGP 717.76 million, down from EGP 846.78 million in 2019, including minority shareholders’ rights.