Cairo – Mubasher: Palm Hills Development Co has obtained the approval of seven banks to raise the credit facility limit for its project “The Crown”.
The project’s credit facility will reach EGP 1.24 billion, up EGP 388 million from EGP 852 million, the real estate firm said in a statement to the Egyptian Exchange (EGX) on Monday.
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.
