Cairo – Mubasher: Palm Hills Development Co’s board of directors has approved to raise the credit facility for its project “The Crown”.
The facility, provided by the National Bank of Egypt (NBE) and other lenders, will be raised to EGP 1.24 billion from EGP 852 million, the Cairo-based real estate firm said in a filing to the Egyptian Exchange (EGX) on Tuesday.
On Monday, Palm Hills announced it obtained the approval of seven banks to raise the credit facility limit for its project “The Crown”.
The maturity date of the loan has been extended to eight years instead of six to accelerate the project’s construction work, the company added.
Palm Hills previously reported a net profit of EGP 439.9 million for the six-month period ended June, versus EGP 349.3 million in the prior-year period.
