Sponsored by Digital Look Events

Palm Hills to raise up to $392m

News for Spread Betters

PreviousPrevious
NextNext

There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here. Advertisement

Date: Thursday 17 Apr 2008

LONDON (ShareCast) - Egyptian real estate developer Palm Hills Developments plans to raise as much as $392m when it starts trading in Cairo and London.

The company set an indicative price range of 19.25 to 25.00 Egyptian pounds per share and $17.72 to $23.01 per GDR, implying an offer size of between 1.6bn and 2.1bn Egyptian pounds or $302m and $392m.

The market value will be as much as 11.6bn Egyptian pounds or $2.1bn. Pricing is expected to be set on or around 29 April.

Palm Hills said it intends to use the proceeds to fund its existing and future development projects and to expand its land bank both in Egypt and abroad.

“The global offering gives investors the opportunity to invest in one of Egypt's leading real estate developers with a strong track record, a well respected brand and one of the largest land banks held by any developer operating in the Egyptian market,” said chairman and chief executive Yasseen Mansour.

EFG Hermes and Goldman Sachs have been appointed joint global coordinators and joint bookrunners.