Cairo – Mubasher: The board of Palm Hills Developments has approved Sharia-compliant Sukuk issuance worth EGP 3.25 billion to finance Badya project, in cooperation with Sarwa Capital.

The board also agreed on the disclosure form to reduce capital by writing off 40.65 million treasury shares, according to a bourse filing on Wednesday.

It is noteworthy to mention that during the first nine months (9M) of 2021, the company achieved a net profit after tax and minority interest worth EGP 635.49 million, a year-on-year (YoY) increase of 24% from EGP 514.54 million.