Palm Hills Developments logo

PHDC - Palm Hills Developments News Story

$5.1 0.0  0.0%

Last Trade - 04/04/18

Sector
Financials
Size
Micro Cap
Market Cap £14.6m
Enterprise Value £214.7m
Revenue £236.7m
Position in Universe th / 1826

Palm Hills Develop - PHD inks Co-Dev Agreement of 135 Acres in N.Coast

Tue 16th February, 2016 8:00am
RNS Number : 1227P
Palm Hills Developments S.A.E.
16 February 2016

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, JAPAN AND AUSTRALIA

Palm Hills Developments inks a co-development agreement of an integrated resort spreading over 135 feddans in Ras El Hekma, North Coast

Cairo/London, February 15, 2016: Palm Hills Developments ("PHD") announces the signature of an agreement with the purpose of co-developing - on a revenue sharing basis - an integrated resort in the North Coast spreading over 565,530m2 (approximately 134.6 feddans) with a beachfront of 411m2, in cooperation with a private land owners. The project is located in Ras El Hekma on the North Coast, 65 km west of Hacienda White 1.

Through this agreement, PHD will be responsible for all construction, development, infrastructure, marketing and sales activities. The project will be developed over 7 years and is expected to house 525 units representing a built up area of up to 235K m2, translating into an estimated revenue ranging between EGP2.5 billion to EGP3.0 billion. The project is expected to offer community retail facilities and a boutique hotel.

PHD will be entitled to a revenue share of 80%, with partners holding the remaining 20%, at a minimum revenue guarantee of EGP200 million over 10 years. The project is expected to be launched soon, with pre-sales commencing during summer 2016.

Tarek Abdelrahman, PHD's Co-CEO commented: "I am very pleased with this milestone, as we promised our shareholders and investors on various occasions, which will further enhance our value proposition based on the recently adapted co-development and revenue sharing scheme, and replenish our land bank in the North Coast".

- END-

About Palm Hills Developments

Palm Hills Developments, a leading real estate developer in Egypt, is a joint stock company established in 1997. Palm Hills builds integrated communities and has one of the most diversified land bank portfolios, spreading over 26.4 million square meters ("sqm") in Egypt, including 5 million sqm in Saudi Arabia. The Company's product offerings include primary homes on both West Cairo and East Cairo, as well as secondary homes by the Mediterranean Sea, North Coast.

As at end of FY2015, PHD delivered more than 4,300 units within its developments, including more than 1,500 units in 11 completed projects. Today, PHD has 13 projects under development, 5 projects in West Cairo, 6 projects in East Cairo and 2 projects in North Coast, translating into a sales backlog exceeding EGP8.4 billion. PHD is one of the most liquid and actively traded stocks on the Egyptian Stock Exchange, and is traded under the symbol "PHDC.CA".

The Company has a GDR listing on the London Stock Exchange, and is traded under the symbol "PHDC.LI". For more information, please visit: www.palmhillsdevelopments.com

Investor Relations Contacts

Mamdouh Abdelwahab

Ahmed Nour El-Din Hassan

Tel +202 35351200, Extension 1503

Investor.relations@phdint.com

Disclaimer

The information contained herein is restricted and is not for publication, distribution or release, directly or indirectly, in or into, the United States of America, Canada, Australia or Japan.

This document does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. The Rights Issue and the distribution of this document and other information in connection with the Rights Issue in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The price and value of, and income from, the securities issued in the Rights Issue may go down as well as up. Persons needing advice should consult a professional adviser.

The Rights Issue is not being made in or into the United States of America or to any U.S. person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")). These materials are not an offer for sale of any securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration requirements of Securities Act. The Company has not registered, and does not intend to register, any portion of the Rights Issue in the United States, and does not intend to conduct a public offering of any securities in the United States.

No person has been authorized to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorized by the Company. In addition, no agent or representative of the Company accepts any responsibility whatsoever for the contents of this document and no representation or warranty express or implied, is made by any agent or representative as to the information set out in this document.

Neither the content of the Company's website (or any other website, including but not limited to the websites of the Company's subsidiaries, joint ventures or restricted affiliates) nor the content of any website accessible from hyperlinks on the Company's website (or any other website, including but not limited to the websites of the Company's subsidiaries, joint ventures or restricted affiliates) is incorporated into, or forms part of, this announcement.

This document contains forward-looking statements, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or including the words "targets," "believes," "expects," "aims," "intends," "may," "anticipates," "would," "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future. These forward-looking statements speak only as at the date of this document. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based.

This communication is only directed at (i) persons who are outside the United Kingdom; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.

Any offer of securities to the public that may be deemed to be made pursuant to this communication in any EEA Member State that has implemented Directive 2003/71/EC (as amended and together with any applicable implementing measures in any Member State, the "Prospectus Directive") is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive. This document is an advertisement and not a prospectus for the purposes of the applicable measures implementing the Prospectus Directive and as such does not constitute an offer to sell or the solicitation of an offer to purchase securities.


This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKMGMZKKVGVZM

Recent news on Palm Hills Developments

See all news
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.