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.
To contact the reporter on this story: Zahra Hankir in Dubai at email@example.com
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org