Egypt's Palm Hills to secure $19mln loan

The company aims to launch an international school, social club within the first phase of its educational residential project

  
Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

REUTERS/Amr Abdallah Dalsh

Egypt - Palm Hills Developments (PHD) is in talks with a governmental bank to obtain a 5-year loan of up to EGP 300 million, according to Al-Mal news website.

The company aims to launch an international school and social club within the first phase of its educational residential project (Badia) in the 6th of October City.

In last September, the company decided to not trade its global depositary receipts on the main market of the London Stock Exchange.

On September 11th 2019, Palm Hills signed an agreement with the German Jules Burger Company to manage the development of the first phase of the Badia project.

PHD is an Egypt-based company that focuses on the 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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