Palm Hills Negotiating More Sales With Burooj Properties, Citigroup Says
Palm Hills Developments SAE, Egypt’s second-biggest publicly traded property company, is in talks to expand its bulk-sale agreement with Abu Dhabi-based Burooj Properties, according to Citigroup Inc. analyst David Spiez.
Palm Hills is discussing selling more properties to Burooj after the property unit of Abu Dhabi Islamic Bank bought 425 units in a project on the outskirts of Cairo in April for 315 million Egyptian pounds ($55.2 million), the analyst wrote in a research report. Spiez met with management of the Cairo-based developer last week.
Bassem El Shawy, investor relations manager for Palm Hills, said he couldn’t confirm the negotiations are taking place because management has not made them public.
Palm Hills gained 0.2 percent to 5.23 pounds at the 1:30 p.m. close in Cairo, valuing the company at 5.48 billion pounds.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net.
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