PHDC denies receiving Takeover Offers

Palm Hills Development (PHDC) has denied what some newspapers had recently circulated about foreign or Gulf companies’ willingness to offer takeover of the PHDC.The consolidated financial statement has revealed that PHDC’s net losses, during the first 9 months of 2011, reached L.E99.114 million, compared to net profits reached L.E345.144 during the first 9 months of 2010.

The non-consolidated financial statements have revealed that the company’s net losses, during the first 9 months of 2011, reached L.E118.043, compared to net profits reached L.E140.463 million during the the first 9 months of 2010.

Palm Hills Developments (PHD) is a leading real estate company in the Egyptian market, primarily developing integrated residential, commercial real estate and resort projects. Founded in 2005 by Mansour and Maghraby Investment and Development (MMID), the company, which is listed on the Cairo-Alexandria Stock Exchange and the London Stock Exchange, was the result of a vision to create self-sufficient communities through the utilization of integrated tools.

Amwal Al Ghad