AAIB could exit Palm Hills in stake sale to Emirati investor

Palm Hills’ second-largest shareholder could be about to sell its entire stake to an Emirati investor. Also yesterday, International Company for Medical Industries shareholders greenlit proposals to acquire a majority stake in a Mansoura-based textiles company.

AAIB ON ITS WAY OUT OF PALM HILLS?

Palm Hills could get new UAE shareholders: Arab African International Bank (AAIB) is looking to sell its entire 12.7% stake in EGX-listed Palm Hills Developments to Emirati investment company Al Ain Holding, sources familiar with the matter reportedly told Asharq Business. Palm Hills representatives were not available for a comment when Enterprise reached out yesterday.

AAIB is Palm Hills’ second-largest shareholder after the company’s founding Mansour family, which collectively owns around 49%. The remaining stake is divided among minority shareholders and freefloat shares on the EGX.

About Al Ain Holding: Founded by UAE royal Sheikh Hamdan Bin Zayed Al Nahyan, the Abu Dhabi-based investment company’s portfolio spans residential, commercial and industrial properties, hotels, and schools. Most of the company’s portfolio is located in the UAE, but it also owns commercial properties in London.

Palm Hills is growing fast: The company posted record-high net income of EGP 911 mn in 9M 2022, up 43% y-o-y, as well as all-time high revenues of EGP 9.5 bn, up 62% y-o-y. New sales rose 36% in the nine-month period.