Egypt - Palm Hills Developments' (PHD) ordinary general meeting approved signing netting contracts with Arab African International Bank, according to PHD’s statement filed to the Egyptian Exchange.

PHD will increase the credit limit of New East Cairo for Real Estate Development Company over the tenor of 7 years.

The listed company cut its issued and paid-in capital to EGP 6.162 billion from EGP 6.235 billion with a decrease of EGP 72.700 million.

PHD 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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