Palm Hills Development (PHD) is preparing to issue a financing sukuk programme worth EGP 3.2bn on Thursday to finance the company's 'Badya Project.' Sarwa Promotion and Underwriting signed an agreement with Banque Misr and Misr Capital — the investment arm of Banque Misr — to play the role of promoter, underwriter, and payment agent for the upcoming issuance of sukuk by PHD. The Ordinary General Assembly of PHD approved the company's obtaining of financing for area A1-1, which extends over an area of 1.13m sqm in the Badya Project. The company explained that the financing is through the issuance of Musharaka bonds that are compatible with the provisions and principles of Islamic Sharia at a value of EGP 3.25bn in cooperation with Sarwa Sukuk. The general assembly decided to authorize the company's Board of Directors to determine the detailed conditions and procedures for the project and to approve a memorandum of information for subscription in sukuks and make any amendments necessary.
