{"id":581073,"date":"2023-02-06T00:00:00","date_gmt":"2023-02-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/aaib-could-exit-palm-hills-in-stake-sale-to-emirati-investor\/"},"modified":"2023-02-06T00:00:00","modified_gmt":"2023-02-06T00:00:00","slug":"aaib-could-exit-palm-hills-in-stake-sale-to-emirati-investor","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/aaib-could-exit-palm-hills-in-stake-sale-to-emirati-investor\/","title":{"rendered":"AAIB could exit Palm Hills in stake sale to Emirati investor"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Yesterday in M&A:<\/span><span style=\"\"> Palm Hills\u2019 second-largest shareholder could be about to sell <\/span><span>its entire stake to <\/span><span style=\"\">an Emirati investor. Also yesterday, International Company for Medical Industries shareholders greenlit proposals to acquire a majority stake in a Mansoura-based textiles company.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AAIB ON ITS WAY OUT OF PALM HILLS?<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Palm Hills could get new UAE shareholders: <\/span><span style=\"\">Arab African International Bank (AAIB) <\/span><span style=\"\">is looking to sell its entire 12.7% stake in EGX-listed Palm Hills Developments to Emirati investment company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alainholding.ae\/\" style=\"\">Al Ain Holding<\/a><\/span><span style=\"\">, sources familiar with the matter reportedly told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3DH6Bcs\" style=\"\">Asharq Business<\/a><\/span><span style=\"font-weight:400;\">. Palm Hills representatives were not available for a comment when Enterprise reached out yesterday. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AAIB is Palm Hills\u2019 second-largest shareholder<\/span><span style=\"font-weight:400;\"> after the company\u2019s founding Mansour family, which collectively owns around 49%. The remaining stake is divided among minority shareholders and freefloat shares on the EGX.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About Al Ain Holding: <\/span><span style=\"font-weight:400;\">Founded by UAE royal Sheikh Hamdan Bin Zayed Al Nahyan, the Abu Dhabi-based investment company\u2019s portfolio spans residential, commercial and industrial properties, hotels, and schools. Most of the company\u2019s portfolio is located in the UAE, but it also owns commercial properties in London.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Palm Hills is growing fast: <\/span><span>The company posted <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3d1b393-af2f-4c7c-af04-4ea7bfee37ce\" style=\"\">record-high net income<\/a><\/span><span style=\"font-weight:400;\"> of EGP 911 mn in 9M 2022, up 43% y-o-y, as well as all-time high revenues of EGP 9.5 bn, up 62% y-o-y. New sales rose 36% in the nine-month period. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The market welcomed the news: <\/span><span>Palm Hills shares gained 10.3% yesterday to close at EGP <\/span><span style=\"\">2.24<\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Gulf investors are eyeing our real estate sector: <\/span><span>The state-owned parent of Heliopolis Housing is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c727a04-22a0-4cb2-84ab-fab3dc99b1d1\" style=\"\">in talks with Gulf investors<\/a><\/span><span> to sell off land and other assets, according to local media. The government is fielding several offers from Arab investors to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ee2a975-49a7-446e-9c85-830ea99ce02f\" style=\"\">buy land<\/a><\/span><span> in hard currency. <\/span><span style=\"\">The UAE\u2019s Aldar and ADQ together acquired <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ff33ea0-89c5-479c-87c3-bace1f57c63c\" style=\"\">more than 85%<\/a><\/span><span style=\"\"> of upmarket real estate developer SODIC in late 2021.<\/span><span style=\"font-weight:400;\"> Our Gulf neighbors last year pledged over USD 22 bn in total to support the economy amid the fallout from the crisis in Ukraine, with Abu Dhabi\u2019s ADQ and Saudi\u2019s Public Investment Fund investing a combined USD 3.1 bn in government-owned shares in EGX-listed companies.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ICMI TO PROCEED WITH BANFF ACQUISITION-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ICMI shareholders greenlight Banff acquisition:<\/span><span style=\"\"> Shareholders of the International <\/span><span>Company for Medical Industries (ICMI) approved <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a684bd8f-263d-4cf6-b188-a4d47d25c113\" style=\"\">plans to acquire a 72% stake<\/a><\/span><span> in Mansoura-based textiles company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bnonwoven.com\/about-us\/\" style=\"\">Banff Non Wovens<\/a><\/span><span> after approving the results of a fair value study valuing the company at some EGP 39.2 mn, according to an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/ICMI-EGX.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span>. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Emirati investment company Al Ain Holding could snag AAIB\u2019s stake in EGX-listed Palm Hills Developments.<\/p>\n","protected":false},"author":1,"featured_media":581074,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[6649,430,72,7128,354,83,2080],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-al-ain-holding","tag-arab-african-international-bank","tag-enterpriseam","tag-ma-watch","tag-palm-hills-developments","tag-real-estate","tag-textiles","wpautop","entry"],"acf":{"mongo_id":"c82e370c-e6dc-4a51-8571-3cfb8589854d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/143.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Emirati investor could buy AAIB\u2019s sale in Egypt\u2019s Palm Hills","related_issue":[581064],"teaser":"Emirati investment company Al Ain Holding could snag AAIB\u2019s stake in EGX-listed Palm Hills Developments.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/ej-content-files\/.d67520d3-d9c7-41d6-a3ef-9a27546a2e47.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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