Cairo – Mubasher: Palm Hills Development is seeking to issue financial bonds at EGP 1 billion roughly, according to a bourse filing on Sunday.
The company aims at improving its financial position through securitizing long-term notes receivable for the residential units at EGP 2.5 billon during 2-3 years, the bourse filing revealed.
Around EGP 350-450 million bonds will be issued by the fourth quarter of 2016, said the company, adding that the remaining amount will be released during 2017-18.
The leading real estate developer posted net profits of EGP 63.9 million ($7.2 million) for the second quarter of 2016, down from EGP 413 million ($46 million) for the same period of the previous year.
