Cairo – Mubasher: Palm Hills Development Co on Sunday denied negotiating fresh credit facilities with the National Bank of Egypt (NBE).
Local newspaper Al Shorouk reported that Egypt's largest state-run lender was seeking to arrange as much as EGP 1 billion syndicated loan for the leading property company, according to bank sources.
On the other hand, the board of Palm Hills agreed to raise authorised, issued, and paid-up capital earlier this month, boosting authorised capital to EGP 10 billion from EGP 6 billion.
The Egyptian real estate firm's board also noded to increase issued capital by EGP 1.53 billion to EGP 6.15 billion from EGP 4.6 billion by inviting major shareholders to a subscription through issuing 769.6 million shares at par value of EGP 2, in addition to the expenses of issuance.
Durinf the the first half of 2018, Palm Hills Development reported a 25.9% year-on-year rise in consolidated profits, registering a net profit of EGP 439.9 million, versus EGP 349.3 million including minority shareholders’ rights.
