CAIRO: Palm Hills Developments (PHD) will conduct a global offering of its shares and global depositary receipts, the real estate developer said in a statement.
The company will apply for listing on the Cairo and Alexandria Stock Exchange (CASE) and the London Stock Exchange. It will also apply for admission of its GDRs to the official list of the UK Financial Services Authority.
The global offering will close in May 2008.
“The global offering will enable us to expand this reputation and provide capital to pursue further strategic land acquisition opportunities in Egypt and abroad, said Yasseen Mansour, chairman and CEO.
PHD said it intends to use the net proceeds from the global offering to fund existing and future development projects and to expand its land bank both in Egypt and abroad.
“Palm Hills is one of Egypt’s leading real estate developers and is well positioned to exploit the strong economic and demographic fundamentals in Egypt. The company has an excellent reputation and a brand associated with quality and reliability.
EFG Hermes and Goldman Sachs International have been appointed joint global coordinators and joint bookrunners of the global offering. A separate retail offering will be conducted in Egypt.
PHD develops primarily high-end residential real estate and resort projects. El Mansour and El Maghraby for Investment and Development owns approximately 66 percent of PHD
PHD generated revenues of LE 535.0 million ($96.7 million) and net profits LE 179.8 million ($32.5 million) in 2007.
The company has one of the largest land banks in the market, consisting of over 37.7 million square meters of land. Of a total 22 projects, five are under construction and another 12 have already been master planned.
