Cairo – Mubasher: El Mansour & El Maghraby Investment & Development reduced its shareholding in Palm Hills Developments Company to 39.85% from 41.19%, according to a bourse disclosure.

El Mansour & El Maghraby sold 39.41 million shares in the EGX-listed firm at a value of EGP 141.50 million and an average price of EGP 3.59 per share.

It is worth highlighting that Commercial International Brokerage Company was the broker for the transaction that was concluded on 7 April 2024.

In 2023, Palm Hills’ consolidated net profits after income tax and non-controlling equities increased to EGP 1.58 billion from EGP 1.25 billion a year earlier.

Meanwhile, the standalone net profit after tax fell year-on-year (YoY) to EGP 928.16 million as of 31 December 2023 from EGP 992.44 million.