Egypt's Palm Hills Developments spends all capital raise proceeds at $95mln

The real estate developer invested $60mln in The Crown project

  
A view of the buildings from a plane window, in a densely populated area, following the COVID-19 outbreak over Cairo, Egypt June 20, 2020.

A view of the buildings from a plane window, in a densely populated area, following the COVID-19 outbreak over Cairo, Egypt June 20, 2020.

REUTERS/Mohamed Abd El Ghany
Cairo – Palm Hills Developments has spent the total proceeds of its capital raise subscription listed on 30 December 2018, amounting to EGP 1.53 billion.

A total of EGP 558 million has been invested in the development of Badya project in west Cairo over an area of 3,000 feddans and EGP 50 million has been invested in a commercial-residential project in west Cairo over 205 feddans, Palm Hills said in a bourse disclosure on Wednesday.

The real estate developer has also spent EGP 931 million on developing The Crown project in west Cairo over 190 feddans.

All these projects are currently under construction.

In the first half (H1) of 2021, Palm Hills Developments reported net profits of EGP 495.51 million, up from EGP 282.04 million in H1-20, including minority shareholders' rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Real Estate