CAIRO: Egypt’s Palm Hills had fallen in midday trade on Wednesday by as much as 5.6 percent, following a newspaper report that a legal case had been filed contesting one of their real estate contracts, traders said.
The daily al-Mal newspaper said the lawyer who brought a case against Talaat Moustafa’s (TMG) Madinaty project was filing a suit to cancel a contract for 960,000 sq meters of land in a Cairo suburb being developed by Palm Hills.
In the TMG case, the High Administrative Court on Tuesday upheld a June ruling that the New Urban Communities Authority (NUCA), a housing ministry body, broke the law by selling land to TMG without putting it up for public auction.
The firm said it had no comment because it had not received any legal notice about such a filing. The legal team reportedly filing the case could not immediately be reached for comment.
