Palm Hills Rebuts news about Settlement with Majid Al-Futtaim

Egypt-based Property developer Palm Hills Development (PHD) (PHDC.CA) negated in a statement to the Egyptian Exchange (EGX) on Monday having any current dealings with Majid Al-Futtaim Group (MAF Group).

The statement came in reply to EGX inquiries about the press news reported that the Egyptian Cabinet reached a final draft for reaching a settlement agreement between MAF and Palm Hills.

PHD had obtained the approval of the Armed Forces on utilizing a 98-feddan land plot in Matrouh governorate.