Egypt's Palm Hills to inject LE2.2 bn into projects in 2015

Palm Hills, Egypt's second-largest listed real estate developer, plans to inject LE2.2 billion ($307.6 million) into its existing projects during 2015.

The company will pump LE1.7 billion into residential projects and LE500 million into commercial projects, it said in a statement to the stock exchange Wednesday.

Palm Hills' board of directors approved Tuesday the issuance of new shares worth LE1.65 billion ($230.49 million) to raise capital and boost growth. The new issuance raises the company's capital from LE2.7 billion to LE4.35 billion.

The company saw its third quarter 2014 net profit grow 152 percent to LE129.7 million on a rise in deliveries