Egyptian real estate developer Palm Hills sold its 26 percent stake in Middle East for Investment and Touristic Development (MEITD) worth LE76.5 million ($10.9 million), announced the Egyptian Stock Exchange on Tuesday.

The real estate developer explained that it plans to focus on its Hacienda Bay project which is spread over 2.2 million square meters

MEITD owns Seashell project in the North Coast on 245 Feddans of land.

Earlier this month, the country's second-largest listed real estate developer, acquired a LE2.4 billion ($342 million) loan to finance existing projects.

Palm Hills profits fell 8.3 percent in the three months ending June 30th compared to the same period a year earlier to record LE84.7 million ($12.1 million).