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Union Properties has announced that its subsidiary UB Capital intends to subscribe to the capital increase of the Egyptian company Palm Hills Development Company.
UB Capital is currently studying the IPO. The group and its shareholders will obtain a strategic return on investment that meets expectations.
The company said in a statement on the Dubai financial market that the property of the company "UB Capital" currently in the company, "Palm Hills Development", is 16.63%.
It should be noted that the extraordinary general meeting of Palm Hills Development Company decided in September to increase the issued capital of an increase of 1.54 billion EGP by inviting shareholders to subscribe to a nominal value.
The group plans to complete the procedures for increasing the capital of Palm Hills Development Company in mid-November 2018.
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