Cairo – Mubasher: The board of Palm Hills Development has approved to sign an EGP 310 million transfer of financial rights portfolio to Sarwa Securitization Company.
The Egyptian real estate developer has assigned the board to sign the required contracts and agreements regarding the matter, according to a filing to the Egyptian Exchange (EGX) on Thursday.
Earlier today, Palm Hills Developments reported a 37% year-on-year increase in its consolidated profits for the first nine months of 2018, recording EGP 640 million.
In the third quarter of 2018, Palm Hills recorded a net profit of EGP 200 million, the press added.
Moreover, the leading real estate firm has logged new sales of EGP 4.5 billion in Badya, potentially its largest integrated development, since the project was launched in May.
