Arab African International Bank buys 12 % stake in Palm Hills

Arab African International Bank (AAIB) has purchased a 12.25 percent stake in Palm Hills Developments (PHD) for 544.2 million Egyptian pounds, according to a disclosure to the EGX.

Although the filing doesn’t specify which shareholder the bank acquired the stake from, UPP Capital Investment is the only investor with comparable holdings in the Egyptian real estate developer.

The seller handed off its 381.9 mn shares in PHD at an average price of EGP 1.43 each, on par with the stock’s closing price yesterday.

Arab African International Securities acted as the broker in the transaction.