Palm Hills' verdict over New Cairo land is postponed

Ahram Online, Monday 20 Feb 2012

The troubled real estate development company, PHD, announced to the Egyptian Stock Exchange that its latest court ruling will be delayed until 4 April

Palm Hills Developments [PHD] announced that the court ruling on the New Cairo land case has been postponed until 4 April, 2012 in a company's statement sent to the Egyptian Stock Exchange on Sunday.

The land, which measures 966,000 squared metres, was acquired by Palm Hills in 2006 at more than LE250 per squared metre.

The land represents about two per cent of PHDs total land bank, which reached 48 million squared metres.

In November the firm, battered by investigations into previous state land sales and by client cancellations after the January 25 Revolution, reported a LE17.7 million ($2.97 million) net loss for the third quarter of 2011, compared with a LE153.7 million net profit for the same period in 2010.

Palm Hill's chairman Yassin Mansour and former housing minister Ahmed El-Maghrabi were cleared of corruption charges in a state land sale during July.

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