Egypt’s Palm Hills Developments (PHD) denied on Tuesday any plans to sell part of its shares to Saudi Arabia’s sovereign wealth fund.

The firm said in a statement on Egypt’s stock market that it has not received notifications from any of its shareholders about the sale.

PHD said in the statement that it was reacting to queries from the market authorities about press reports that it intends to sell shares to the Saudi’s Public Investment Fund (PIF), one of the world’s largest SWFs.

“With reference to your query that PIF is planning to buy a share in Palm Hills Developments, we inform you that the Company has not received any official notification about the sale by one of its key shareholders,” the statement said without elaborating on those reports.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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