Sept. 28 (Bloomberg) -- Palm Hills Developments SAE headed for its lowest close on record after the board of the Egyptian luxury real-estate developer approved returning land.
The shares lost 5.9 percent to 1.27 Egyptian pounds at 10:49 a.m. in Cairo, the lowest since it listed in May 2008.
The board approved returning a 190 feddan-plot of land in Cairo, the company said in a regulatory filing today.
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