UPP Capital, Union Properties’ fully owned investment arm, plans to subscribe to the rights issue of Egypt’s Palm Hills Development.
This strategic investment for UPP Capital will consolidate the Company’s investment portfolio in the Middle East and North Africa, in addition to distributing its investments and diversifying its revenues, the company said in an emailed statement.
UPP Capital currently owns around 16.63 per cent of the total shares in the Palm Hills development. On September 6, the Extraordinary General Assembly of Palm Hills Development approved the increase of its issued share capital by 1.53 billion Egyptian pounds through rights issue by inviting old shareholders to subscribe at nominal share value. The rights issue process is expected to be completed by mid-November 2018.