UPP Capital to subscribe to Palm Hills issue

UPP Capital, Union Properties’ fully owned investment arm, plans to subscribe to the rights issue of Egypt’s Palm Hills Development.

This investment will consolidate UPP Capital’s investment portfolio in the Middle East and North Africa, in addition to and diversifying its revenues, the company said in a statement.

UPP Capital currently owns around 16.63 per cent of the total shares in the development. On September 6, an Extraordinary General Assembly of Development approved the increase of Palm Hills’ issued share capital. (Staff Report)