SAIB in Talks with Palm Hills’ Loan Arrangers over EGP200mn Stake

Big 5

Société Arabe Internationale de Banque (SAIB) is currently negotiating with the arranged banks for Egypt-based real estate developer Palm Hills Development loan including Arab African International Bank(AAIB), Banque Misr, National Bank of Egypt (NBE) to participate with EGP200 million from the total value of loan that reached EGP2.4 billion.

An official banking source has told Amwal Al Ghad that SAIB addressed Banque Misr during the last days in order to capture EGP200 million from the total value of stake in which Banque Misr is planning to marketing.

SAIB is targeting to go for financing its various projects in addition to, refinancing an EGP640 million from the total current banks loans.

SAIB obtained bridge loan worth EGP400million in the last week from NBE and AAIB with EGP400 million during the last week.

Meanwhile, PHD attained EGP236.8 million net profits in 2013 against EGP134.6 million net losses in 2012.