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PHDC - Palm Hills Developments News Story

$5.1 0.0  0.0%

Last Trade - 04/04/18

Sector
Financials
Size
Micro Cap
Market Cap £14.3m
Enterprise Value £216.1m
Revenue £238.6m
Position in Universe th / 1821

Palm Hills Develop - PHD closes discounting transaction of EGP316 mn

Wed 3rd October, 2018 2:23pm
RNS Number : 8782C
Palm Hills Developments S.A.E.
03 October 2018
 

Palm Hills Developments announce the closing of discounting transaction of receivables portfolio of EGP316 million

Cairo/London, October 3, 2018: Palm Hills Developments ("PHD" or "the Company") and Arab African International Bank has successfully concluded discounting transaction of EGP316 million receivables portfolio relating to 181 delivered units in the following projects: Golf Views, Golf Extension, Palm Hills Katmya Extension and Hacienda White 2.  

 

PHD will receive net proceeds of EGP223 million, after applying a discount rate of 18.75%, and deducting various transaction related fees and commissions. The Company will utilize the transaction proceeds in paying part of its existing debt, as part of its deleveraging plans. Notably, the Company remains on track to conclude a number of securitization of receivables transactions prior to year-end.  

 

 

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Investor Relations Contacts

Mamdouh Abdelwahab

Radwa Abu Elnaga

Tel +202 35351200, Extensions 1504 

Investor.relations@phdint.com   

 


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