UAE company plans to raise capital for Palm Hills

Bank – United Arab Emirates:

Abu Dhabi Capital Investment Company, a subsidiary of Union Properties, plans to raise the capital of the Egyptian company Palm Hills Development Company.

Union Properties said in a statement that its subsidiary is currently considering its IPO, and that the group and its shareholders would get a strategic return on investment that lives up to expectations.

In September, Palm Hills Extraordinary General Meeting approved a capital increase of £ 1.54 billion by increasing the subscribed capital by inviting shareholders to subscribe for the par value of the share.

UAB Capital currently holds a 16.63% stake in Palm Hills and its capital increase is expected to be completed in mid-November 2018.

Founded in 2005, Palm Hills is primarily engaged in the development of integrated residential and commercial projects, small towns, hotels and urban resorts.

In order to diversify the Group 's revenue streams, in October 2017 Union Properties created a new investment subsidiary, UB Capital, which is dedicated to direct and indirect real estate investments.