An official banking source in National Bank of Egypt (NBE) has informed Amwal Al Ghad that Palm Hills Development Company (PHDC) spent EGP1.089 billion from the loan which it has been signed in last September to finance its expansions. In statements to Amwal Al Ghad on Sunday the source noted that Palm Hills paid around EGP316 million from NBE's stake which estimated at EGP700 million. Palm Hills signed the final contracts of syndicated loan estimated at US$2.4 billion with 9 banks including Arab African International bank (AAIB), Banque Misr, NBE, Faisal Islamic bank, Egyptian Gulf bank (EGB), bank Audi, Societe Arabe Internationale de Banque (SAIB), Mashreq bank, Arab bank. The company is aiming to finance its expansions in real estate projects through the loan in addition to refinancing around EGP640 million from the total value of current bank loans. The financial results of Palm Hills revealed that the size of sales has grown more than twice in the first half of 2014 compared to the same period of the last year. The consolidated revenues achieved 17.5% growth rates during the first 6 months of 2014 to become EGP842 million against 2013 which witnessed non-recurring revenues worth EGP240 million the sale proceeds of the Village Mall Project.
