Palm Hills negotiates EGP 500 mn loan to refinance debts

Palm Hills Developments (PHD) is negotiating with Ahli United Bank to obtain a loan of EGP 500 mn in order to refinance existing debts from other local banks, a source familiar with the matter told Al Mal. PHD had also signed a EGP 1.1 bn medium-term loan agreement with CIB last month to restructure its debts.