EFG-Hermes, Pioneers to Manage Palm Hills’ Secondary Offering

Palm Hills Development (PHD) announced that a secondary offering will be launched on November 4 to increase capital by EGP 600 million to EGP 2,696,640,000.

The offering will be managed by EFG-Hermes and Pioneers Holding via receiving bank the Arab African International Bank (AAIB), Palm Hills noted in a statement.

The subscription, which will close on December 2, will be carried out at EGP 2 par value plus EGP 0.03 issue costs.

According to the company’s statement, launching the secondary offering at current time reflects investor confidence in the real estate sector and its ability to lead economic growth.