Palm Hills Denies EGP 1.2 Bln Loan Request

Palm Hills Development (PHDC.CA) has denied a news report which claimed that banks had refused to secure a loan of EGP 1.2 billion requested by the company. Palm Hills asserted that what has been published in one of the economic newspapers is groundless as the company is not considering any loan requests within the current phase.

Worth mentioning, Palm Hills’ consolidated business results for the first quarter of 2012 revealed that the company had narrowed its net loss by 55.1% to eventually hit EGP 16.291 million, compared to a net loss of EGP 36.243 million a year earlier.

The company’s issued capital values at EGP 2.096 billion distributed to 1.048 billion in which the par value amounts to EGP 2 per share.

Palm Hills currently owns stakes in several firms as follows; New Cairo for Real Estate Developments ( 99.98 %), Royal Gardens for Real Estate Investment Company ( 51.00 %), Coldwell Banker Palm Hills ( 49.00 %), The Middle East for investment and tourism development ( 58.75 %), Nile Palm Al Naeem for Real Estate Development ( 51.00 %), Rakeen Egypt for Real Estate Investment ( 99.00 %), Palm Hills Middle East ( 99.99 %), Middle East real estate investment and tourism ( 87.50 %), Saudi Urban Development Company ( 51.00 %), Gamsha for Tourist Development ( 59.00 %) City Real Estate Development ( 51.00 %), Almotahedon for construction and reconstruction ( 49.00 %), Goda Real Estate Services ( 100.00 %), Palm October ( 97.00 %), Naeem hotels and tourist villages ( 60.00 %), East of Cairo’s new Capse ( 59.00 %), City Real Estate Development ( 50.00 %), and Macor Investment and Securities ( 60.00 %) alongside other firms working in fields of real estate and tourism.