ArabFinance: Palm Hills Development Company’s (PHDC) board of directors (BoD) has approved financing Badya project by the issuance of Sharia-compliant sukuk worth of EGP 3.251 billion through Sarwa Sukuk Company, according to a statement filed on Wednesday on the Egyptian Exchange (EGX).

The board also approved a disclosure form for a capital reduction through writing off 40.654 million treasury shares, the statement revealed.

Members also consented on opening an account at the Arab African International Bank (AAIB) in the UAE.

In January, CFO of Contact Financial Holding (CNFN) Ayman Elsawy said that Sarwa Sukuk Company is getting ready to offer a multi-issuance sukuk program worth EGP 3 billion for Palm Hills Development in the first quarter (Q1) of 2022.

On February 15th, Palm Hills Development announced it reported a 35% year-on-year increase in new sales during 2021, marking its highest growth in history.

It is worth mentioning that Palm Hills is an Egypt-based company that focuses on real estate investment in the new cities and urban communities, land reclamation and cultivation, and other activities associated with the Company’s operations.

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