Reuters – Egypt’s Palm Hills said it is in talks with the Arab African Bank over a EGP 2.4bn ($342.49 million) loan which it will use to finance projects and refinance some loans, it said in a statement posted on the bourse on Monday.
The country’s second-biggest listed property developer said that in addition to financing various projects the loan would also be used to refinance around EGP 640m pounds from its current bank loans.
“Lately there has been an agreement and signing of the initial rules for the loan. We expect to complete final internal approvals and to start using the loan by the end of June,” the statement said.
The luxury real estate developer turned a profit in 2013, making EGP 236.8m compared with a net loss of EGP 134.6m in the previous year.
Palm Hills struggled in 2012 after it faced investigations into previous state land sales and client cancellations after an uprising toppled Egyptian President Hosni Mubarak in 2011.
