Egypt’s Palm Development sells its entire stake 18,23% in Incolease

Egyptian Palm Hills Development Company sold its entire stake 18.237 percent in the International Financial Leasing Company – Incolease to Palm Holding Company for Financial Investments, according to a stock exchange filing on Thursday.

The number of shares sold was about 3.647 million shares of the company, recording total value of the transaction of about 150 million Egyptian pounds ($4,917 million).

Noteworthy, Arab International Banking Company acquires the largest share in the ownership structure of Incoles by 20.19 percent, followed by Palm Holding for Financial Investments by 18.237 percent, Arab Investment Company by 10 percent.

Incolease is an Egyptian firm established in 1997 and enlisted in EGX in 2002, as the primary activity the company was established for is working at the leasing sector.