{"id":584389,"date":"2023-03-30T00:00:00","date_gmt":"2023-03-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/30\/saudi-investors-could-bid-for-aaibs-stake-in-palm-hills-report\/"},"modified":"2023-03-30T00:00:00","modified_gmt":"2023-03-30T00:00:00","slug":"saudi-investors-could-bid-for-aaibs-stake-in-palm-hills-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/30\/saudi-investors-could-bid-for-aaibs-stake-in-palm-hills-report\/","title":{"rendered":"Saudi investors could bid for AAIB\u2019s stake in Palm Hills -report"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"background-color: transparent; font-weight: 700;\">More Gulf investors are reportedly interested in Palm Hills:<\/span><span style=\"background-color: transparent;\"> Unnamed Saudi <\/span><span style=\"background-color: transparent;\">investors are mulling the acquisition of Arab African International Bank\u2019s (AAIB) 12.9% stake in EGX-listed Palm Hills Developments (PHD) as the bank looks to exit the high-profile real estate developer, source<\/span><span style=\"background-color: transparent;\">s familiar with the matter are quoted as telling <\/span><span style=\"background-color: transparent; text-decoration-skip-ink: none;\"><a href=\"https:\/\/bit.ly\/3nkzlSP\">Al Mal<\/a><\/span><span style=\"background-color: transparent;\">.<\/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\">Market reax: <\/span><span style=\"\">Palm Hills shares gained 0.4<\/span><span style=\"\">% yesterday to close at EGP 1<\/span><span style=\"\">.87.<\/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\">This is not the first offer AAIB has reportedly fielded from the Gulf: <\/span><span>AAIB was looking to sell its entire stake in PHD 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>, Asharq Business reported in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c82e370c-e6dc-4a51-8571-3cfb8589854d\" style=\"\">February<\/a><\/span><span>. <\/span><span style=\"font-weight:400;\">We haven\u2019t heard anything on Al Ain\u2019s offer since. <\/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\">Why would AAIB exit? <\/span><span style=\"font-weight:400;\">The bank hasn\u2019t publicly confirmed it wants to sell its stake in PHD, but a sale makes sense when you consider AAIB is on the state\u2019s list of 32 companies earmarked for sale under the rebooted privatization program. Divesting the AAIB stake would make the bank simpler to value. The bank, one of three on the sale list, is owned by the Central Bank of Egypt and the Kuwaiti sovereign wealth fund.<\/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 exit strategy: <\/span><span style=\"\">AAIB is reportedly aiming to sell its shares in PHD at EGP 2.50-3.00 apiece, a price that would roughly equal in USD terms what it paid to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1cf8022-25b0-4bc6-8650-42d7c4333071\" style=\"\">acquire the stake<\/a><\/span><span style=\"\"> nearly three years ago. The bank <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1cf8022-25b0-4bc6-8650-42d7c4333071\" style=\"\">entered PHD<\/a><\/span><span style=\"\"> in July 2020, purchasing a<\/span><span style=\"\"> 12.25% stake<\/span><span style=\"\"> (381.9 mn shares) at an average price of EGP 1.43 each from UPP Capital Investment<\/span><span style=\"\">.<\/span><span style=\"\"> AAIB\u2019s target sale price accounts for the devaluation of the EGP, whi<\/span><span style=\"\">ch has lost almost half of its value since the first devaluation last March<\/span><span style=\"\">.<\/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 wants above market price: <\/span><span style=\"\">The offer represents a 34-<\/span><span style=\"\">61<\/span><span style=\"\">%<\/span><span style=\"\"> premium to PHD\u2019s share price of EGP <\/span><span style=\"\">1.86<\/span><span style=\"\"> at market close on Tuesday. PHD shares\u2019 most recent peak was <\/span><span style=\"\">EGP 2.30 at the end of January<\/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\">PHD\u2019s shareholder structure: <\/span><span>AAIB is Palm Hills\u2019 second-largest shareholder after the company\u2019s founding Mansour family, which <\/span><span>collectively owns around 49%<\/span><span>. 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\">Gulf investors are eyeing our real estate sector:<\/span><span> 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=\"font-weight:400;\"> of upmarket real estate developer SODIC in late 2021. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This comes on the heels of news in February that AAIB was looking to sell its entire stake in PHD to Emirati investment company Al Ain Holding.<\/p>\n","protected":false},"author":1,"featured_media":584390,"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":[430,72,7128,354,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-arab-african-international-bank","tag-enterpriseam","tag-ma-watch","tag-palm-hills-developments","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"277d84ee-7fda-4e14-8cb6-de2762503f61","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/668.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi investors could bid for AAIB\u2019s stake in Palm Hills -report","related_issue":[584382],"teaser":"This comes on the heels of news in February that AAIB was looking to sell its entire stake in PHD to Emirati investment company Al Ain Holding.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.964249fd-6a93-4a5e-93cf-70b8c7497e2f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Arab African International Bank (AAIB) has purchased a 12.25% stake in Palm Hills Developments (PHD) for EGP 544.2 mn, according to a disclosure (pdf) to the EGX. 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