Palm Hills’ USD 206.9 Million Sukuk Sale Approved by Shareholders
March 16, 2022 | Updated at March 17, 2022
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Email Egypt’s Palm Hills Developments (Palm Hills) has received approval for the issuance of Sukuk worth EGP 3.25 billion (USD 206.9 million) from its shareholders that voted at the extraordinary general meeting (EGM), in cooperation with Tharwa Securitization Company, on the 13th of March 2022.
Why it Matters?
Managed by the Sukuk arm of Contact Financial Holdings (previously Sarwa Capital Holding), the issuance is expected to finance Palm Hills’ integrated Badia project in West Cairo, that offers apartment buildings, standalone units along with commercial, educational, and leisure activities. The issuance is anticipated to take place by the end of March 2022 and will be the company’s first corporate Sukuk issuance of the year.
