Cairo – Palm Hills Developments Company used EGP 711 million worth of proceeds of the capital raise subscription listed in December 2018 till December 2019.

A total of EGP 313 million has been used to develop the 3,000-feddan Badya project in west Cairo, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

In addition, EGP 50 million and EGP 248 million have been directed to develop a 205-feddan commercial and residential project in west Cairo and the 190-feddan The Crown project in west Cairo, respectively.

All the mentioned projects are under construction. The remaining amount of the proceeds stands at EGP 828 million.

It is noteworthy to mention that in 2019, Palm Hills Developments reported net profits of EGP 906.22 million, slightly down from EGP 906.86 million in 2018, including minority shareholders’ rights.

Source: Mubasher

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