Cairo – Mubasher: Palm Hills Developments has increased its 15.35% stake in the International Company for Leasing (Incolease) to 18.23%.
The real estate developer purchased 576,001 shares from the latter in exchange for EGP 23.61 million at an average price of EGP 41 per share, the Commercial International Brokerage Company (CIBC) announced in a bourse filing on Wednesday.
Last March, Palm Hills acquired 7.97% equity in Incolease at a total value of EGP 65.35 million.
In 2021, the property developer logged consolidated net profits worth EGP 856.06 million, an annual growth of 14.26% from EGP 749.17 million.
