Palm Hills Developments (PHD) has inked an EGP 1 bn facility agreement with the National Bank of Egypt (NBE), while still aiming to meet the EGP 1.5 bn net debt target by year-end, Invest-Gate reports.
The facility will enable the EGX-listed property developer to promote the sale of its “ready-to-move” residential units, with payment terms of up to 10 years, PHD Chairman and CEO Yasseen Mansour confirmed in a bourse filing on September 7.
“Sale proceeds of said units will be securitized in line with our previously-adopted securitization program,” Mansour was quoted as saying, highlighting, “[The partnership] is a continuation of our fruitful business cooperation in the past years.”
In early August, PHD’s board has approved the securitization of EGP 1 bn and deferred the payment dues to the Egyptian Securitization Company, according to the company’s previous bourse filing.