Cairo - Mubasher: The ordinary general meeting (OGM) of Palm Hills Developments approved the signing of an agreement with Arab African International Bank (AAIB) as well as other agreements with subsidiary and sister companies.

The company's Chairman has been delegated to enter into agreements related to any current or future credit facilities obtained from the bank, according to a bourse disclosure on Tuesday.

The facilities include raising the credit limit for loans provided to Eastern New Cairo for Real Estate Development over a period of seven years as well as granting a contractor credit limit to United Engineering for Construction Company (UECC).

During the first quarter (Q1) of 2021, Palm Hills Developments recorded net profits after tax and minority interest of EGP 204.62 million, up from EGP 81.26 million in Q1-20.

Source: Mubasher

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