ICEC

UAE investment fund ups 16.51% share in Egypt’s property developer Palm Hills

UP P Capital Investment, a fund owned by Dubai-listed Union Properties, has raised its stake in Egypt’s second largest listed real estate developer firm Palm Hills Developments (PHD) to 16.51 percent from 10.96 percent, said Arab African International Securities on Monday.

The purchase involved 128.11 million shares at EGP 4.1 per share, bringing the total value of the deal to EGP 525.26 million, Palm Hills said in a filing to the Egyptian Exchange (EGX).

In a separate statement, Palm Hills said Aabar Investments had sold its 5.55% stake, thereby exiting its investments in the Egyptian company. The stake represented 128.1 million shares at a value of EGP 525.26 million or EGP 4.1 per share.

Earlier on Monday, the real estate developer said that its employee benefits committee had sold all available shares in the employee benefits’ system, reaching around 3 million shares on Sunday. Last week, the committee sold 3.5 million shares as well.

Palm Hills last reported that its profits jumped to EGP 936.4 million during the full-year 2017 from EGP 785.25 million in 2016.

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