Palm Hills Developments acquires 28% stake in Palm Hills Education from MMID

EGYPT – Palm Hills Developments, a leading real estate company in the Egyptian market, through its Board of Directors, has approved the purchase of a 28.16% stake in its education subsidiary, Palm Hills Education, from Mansour-Maghraby Investment and Development Company (MMID) for EGP 4.195 bilion (US$267m). The Board also approved the purchase of MMID’s 11% stake in East New Cairo for Real Estate Development, estimated at EGP 11 million (US$0.7m). This preliminary figure does not include the monetisation of Botanica or the commercial areas in Palm Hills New Cairo, Palm…

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