Palm Hills to invest EGP 1.539 bn from capital increase in four new projects

Palm Hills Development (PHD) is looking to invest EGP 1.539 bn from its latest capital increase in four real estate projects, according to an EGX disclosure. The investments will include infrastructure works at its megaproject Badya in West Cairo, adding a commercial zone to its Palm Hills New Cairo, and developing two new mixed-use projects in West Cairo. The company’s EGM had approved earlier this month a decision to increase issued capital by EGP 1.5 bn. The capital increase is pending approval from the Financial Regulatory Authority.