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Acquisition

14 Jul 2020 11:39

RNS Number : 9622S
Palm Hills Developments S.A.E.
14 July 2020
 

Arab African International Bank becomes the second largest shareholder in Palm Hills Developments

Cairo/London, July 14, 2020: Arab African International Bank ("AAIB" or "The Bank") acquired 12.3% in Palm Hills Developments ("PHD" or "the Company"), whereby AAIB became the second largest institutional shareholder in the Company following Mansour and Maghrabi for Investments and Developments ("MMID").

 

Yasseen Mansour, PHD's Chairman & Group CEO commented: "We look forward to welcome AAIB's team as members of our Board of Directors in addition to our current distinguished board members, with the aim of creating strategic value for the Company by leveraging upon AAIB's experience as one of the most reputable financial institutions in Egypt. We have spent many years working together and we hope to cooperate with AAIB for many years to come".

 

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About Palm Hills Developments

Palm Hills Developments ("PHD"), a leading real estate developer in Egypt, is a joint stock company established in 1997. The Company builds integrated communities and has one of the most diversified land bank portfolios, spreading over 42.3 million square meters ("sqm"). PHD's product offerings include primary homes on both West Cairo and East Cairo, as well as secondary homes in the North Coast (Mediterranean Sea) and Ain Sokhna (Red Sea).

 

As at end of 1Q2020, PHD delivered 10,746 units within its developments. Today, PHD has 9 projects under development, 3 projects in West Cairo, 3 projects in East Cairo and 3 projects in the North Coast and Alexandria, in addition to 7 new projects including 6 co-developments, translating into a sales backlog of c. EGP15 billion. PHD is one of the most liquid and actively traded stocks on the Egyptian Stock Exchange and is traded under the symbol "PHDC.CA". The Company has a GDR listing on the London Stock Exchange and is traded under the symbol "PHDC.LI". For more information, please visit: www.palmhillsdevelopments.com

 

Investor Relations Contacts

 

Mamdouh Abdelwahab

Radwa Abu Elnaga

Tel +202 35351200, Extensions 1504 

Investor.relations@phdint.com 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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ACQEAEXLFDSEEFA
Date   Source Headline
17th Dec 20205:30 pmRNSPalm Hills Development SAE GDR
30th Nov 20207:00 amRNSAgreement
16th Nov 20203:43 pmRNSAcquisition
16th Nov 20201:29 pmRNS3rd Quarter Results
29th Sep 202012:00 pmRNSPHD and CI Capital Ink an University Agreement
28th Sep 20204:36 pmRNSIntention to Cancel Listing and Terminate GDRs
7th Sep 20203:15 pmRNSPHD inks EGP1 bn facility agreement NBE
1st Sep 20209:00 amRNSNotice of Results
19th Aug 20201:30 pmRNSGM Statement
27th Jul 20201:57 pmRNSNotice to Shareholders
14th Jul 202011:39 amRNSAcquisition
29th Jun 20207:00 amRNS1st Quarter Results
29th Jun 20207:00 amRNSPHD inked an MOU to establish university in Badya
25th Jun 20208:53 amRNSNew Financing Agreement
8th Jun 20208:37 amRNSAgreement
16th Apr 20209:10 amRNSPHD to host its EGM&OGM via a Conference Call
14th Apr 20207:00 amRNSPress Release
1st Apr 20209:01 amRNSAGM Statement
23rd Mar 20205:07 pmRNSAGM Statement
23rd Mar 20207:00 amRNSNotice of GM
6th Mar 20207:00 amRNSNotice to Shareholders
25th Feb 20207:56 amRNSPHD 4Q19
21st Jan 20201:54 pmRNSPHD inks EGP505mn loan to refinance existing debt
18th Dec 201910:49 amRNSPHD ink EGP1.1 billion refinance medium-term loan
18th Nov 20197:00 amRNS3rd Quarter Results
22nd Oct 20199:15 amRNSPHD fourth securitization transaction
11th Sep 20199:26 amRNSPHD inks service agreement with JBI
6th Sep 201912:33 pmRNSManagement Change
6th Sep 201912:22 pmRNSDirector Declaration
4th Sep 20198:25 amRNSPalm Hills Developments-1H2019
11th Jun 20198:51 amRNS1st Quarter Results
25th Mar 20197:00 amRNSAgreement
6th Mar 20191:38 pmRNSAgreement
27th Feb 20198:03 amRNSAnnual Financial Report
3rd Dec 20187:36 amRNSAnnouncement re: Rights Issue
22nd Nov 20182:54 pmRNSAnnouncement re: Rights Issue
22nd Nov 20187:33 amRNS3rd Quarter Results
19th Nov 20189:04 amRNSPHD raise Gross Proceeds of EGP1.26 billion
3rd Oct 20182:23 pmRNSPHD closes discounting transaction of EGP316 mn
27th Sep 20188:32 amRNSPublic subscription notice
13th Aug 20189:27 amRNSLondon Stock Exchange Notice
1st Aug 20188:52 amRNSPalm Hills Developments 2Q2018 Earnings Release
17th Jul 20182:34 pmRNSPHD announces the resignation of Timothy Collins
15th May 20189:19 amRNS1st Quarter Results
3rd May 20188:09 amRNSPHD and Sarwa Capital closed EGP261 Mn Bonds
19th Apr 201810:39 amRNSPalm Hills Developments to hold EGM on 13/5/2018
5th Mar 20187:00 amRNSNotice of GM
27th Feb 20181:22 pmRNSre (the resignation of Architect Shehab Mazhar)
26th Feb 20188:11 amRNSAnnual Financial Report
2nd Nov 20177:55 amRNS3rd Quarter Results

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