Egypt-based Palm Hills Developments (PHD) and Arab African International Bank (AAIB) have successfully concluded discounting transaction of EGP 316 mn receivables portfolio linked with 181 delivered units at some of PHD’s projects in Cairo, Invest-Gate reports.

The projects are Golf Views and Golf Extension projects in 6th of October City, Palm Hills Katmya Extension in New Cairo, and Hacienda White 2 in the North Coast, according to a released statement on October 3.

“PHD will receive net proceeds of EGP 223 mn, after applying a discount rate of 18.75%, and deducting various transaction related fees and commissions,” the statement highlighted.

According to the statement, PHD is set to use the transaction proceeds in paying part of its existing debt, “as part of its deleveraging plans.”

PHD also noted that it is on the verge to conclude some “securitization of receivables transactions prior to year-end.”