Friday 22 Nov
The board of directors of Palm Hills Development has decided to purchase all shares held by Yassin Mansour, Chairman and Managing Director of Palm Hills, in Education for Management Services. This amounts to 216.11 million shares at a cost of 8.65 Egyptian pounds per share, subject to shareholder approval.
In a statement, the company
announced that it has also decided to acquire the stake held by Mansour and El
Maghraby for Investment and Development in Maqor for Hotels, which is 9.5%
valued at 175.58 million Egyptian pounds. This acquisition will increase Palm
Hills' stake in Maqor for Hotels to 69.5%.
It is worth noting that Palm
Hills Development achieved a net profit of 1.78 billion Egyptian pounds during
the period from January to the end of June 2024, compared to 638.82 million
Egyptian pounds in profits during the same period last year, taking into
account minority interests.
Revenue from operations increased by about 10.93 billion Egyptian pounds during the first six months of the current year, compared to 6.91 billion Egyptian pounds during the same period in 2023.
