{"id":607146,"date":"2023-09-27T00:00:00","date_gmt":"2023-09-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/saudi-wealth-fund-wants-minority-stake-in-palm-hills\/"},"modified":"2023-09-27T00:00:00","modified_gmt":"2023-09-27T00:00:00","slug":"saudi-wealth-fund-wants-minority-stake-in-palm-hills","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/saudi-wealth-fund-wants-minority-stake-in-palm-hills\/","title":{"rendered":"Saudi wealth fund wants minority stake in Palm Hills"},"content":{"rendered":"

Another Gulf wealth fund is looking at Egyptian real estate: <\/strong>Saudi Arabia\u2019s Public Investment Fund (PIF) is interested in acquiring the Arab African International Bank\u2019s (AAIB) 13% stake in Palm Hills Developments (PHD), Al Borsa<\/a> reports, citing sources it says are in the know. Talks between began about a month ago and are expected to wrap by the end of the year, the sources said, adding that the transaction will be executed in USD.<\/p>\n

PHD denies knowledge: <\/strong> The company said (pdf)<\/a> yesterday it had not received any notification regarding a potential exit of one of its major shareholders.<\/p>\n

This isn\u2019t the first time we\u2019ve heard about Saudi interest in Palm Hills: <\/strong>Reports circulated that unnamed Saudi investors were trying to buy out AAIB\u2019s entire stake<\/a> in the property developer In March. Prior to this, Emirati investment company Al Ain Holding<\/a> was reported to be interested.<\/p>\n

Who owns what of Palm <\/strong> Hills <\/strong> ? <\/strong>Mansour-Maghraby Investment and Development Company (MMID) is the single-largest shareholder with 41.9%, followed by the AAIB with a 13% stake. Palm Hills chairman and group CEO Yassin Mansour has a 7.3% stake in the company and the rest of the company distributed between other minority shareholders and freefloat shares on the EGX.<\/p>\n

Why would AAIB exit? <\/strong>The bank hasn\u2019t publicly confirmed it wants to sell its stake in PHD, but a sale makes sense when you consider its presence on the state\u2019s list of 35 companies earmarked for privatization. The bank, one of three on the sale list, is owned by the Central Bank of Egypt and the Kuwaiti sovereign wealth fund.<\/p>\n

Market reax: <\/strong>Palm Hills Development Company shares closed 3.2% lower yesterday at EGP 2.09 per share.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Public Investment Fund is reportedly in talks with the Arab African International Bank to acquire its 13% stake in Palm Hills<\/p>\n","protected":false},"author":1,"featured_media":607147,"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":[430,68,6681,72,7128,354,7345,83,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-arab-african-international-bank","tag-egx","tag-egypt-saudi-relations","tag-enterpriseam","tag-ma-watch","tag-palm-hills-developments","tag-public-investment-fund","tag-real-estate","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"b68b02d5-7afe-45b3-b2f5-6897c5fbe313","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1597.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi wealth fund wants minority stake in Palm Hills","related_issue":[607137],"teaser":"The Public Investment Fund is reportedly in talks with the Arab African International Bank to acquire its 13% stake in Palm Hills","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.691cfda0-6c15-414e-a5c8-8c64efc8f343.mp3"},"yoast_head":"\nSaudi wealth fund wants minority stake in Palm Hills - 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