Cairo – Mubasher: The extraordinary general meeting (EGM) of Palm Hills Developments has approved the issuance of a Sharia-compliant Sukuk worth EGP 3.25 billion, in cooperation with Tharwa Securitization Company.

Through the Sukuk issuance, the company aims to obtain financing for the Badia project, according to a bourse filing on Monday.

It is noteworthy to mention that in 2021, the company's consolidated net profits increased by 14.26% to EGP 856.06 million, compared to EGP 749.17 million in 2020, including minority shareholders' rights.