Bloomberg News

Palm Hills Poised for Record Low as Board Approves Land Return

September 28, 2011

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 zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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