Egypt’s Palm Hills Denies News about New Holding Company, $1 bln Loan

Palm Hills Development (PHDC), Egypt’s second-biggest listed property developer, has rebutted the news published about the Group’s plans to establish a holding company and to inject fresh investments in Arab and European markets through new partners. In release sent to the Egyptian Exchange (EGX) on Monday, Palm Hills also denied planning to raise a $ 1 billion credit facility.