Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

Palm Hills Negotiating More Sales With Burooj, 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.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.