Palm Hills Says to Deliver 2000 Units This Year

Egypt-based real estate developer Palm Hills Developments (PHD) (PHDC.CA) said it plans to hand over nearly 2,000 units during 2014 in all of its projects in Cairo and North Coast.

In a filing sent to the Egyptian Exchange (EGX) on Tuesday, the company added it would spend EGP one billion to complete outstanding projects.

A total of EGP 600 million will be taken from the capital increase, while the remaining portion will be financed from loans, sales proceeds and collections from clients.