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Palm Hills waives rights of 481-feddan land to NUCA

Palm Hills waives rights of 481-feddan land to NUCA

Arab FinancePalm Hills Development Company’s (PHDC) board of directors has approved waiving rights to a piece of land spanning around 481.25 feddans to the New Urban Communities Authority (NUCA) for approximately EGP 2.8 billion, according to a filing to the Egyptian Exchange (EGX) on June 9th.

The waiver will be in exchange for clearance of some receivables owed to NUCA for other land plots.

Thus, NUCA will not have any financial obligation for the transaction.

It is worth noting that Palm Hills recorded a net profit after tax and minority interest of EGP 295 million in Q1 2022, rising by 44% YoY from EGP 205 million.

Palm Hills is an Egypt-based company that focuses on real estate investment in new cities and urban communities, land reclamation and cultivation, and other activities associated with the company’s operations.

 

 

 

 

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