Palm Hills Developments’ board of directors decided to liquidate its subsidiary affiliated to the Dubai Multi Commodities Center (DMCC), Palm Hills International, Invest-Gate reports.

The Egypt-based developer stated that it will appoint Al Jeroudy Accounting and Auditing as a liquidator for the process of exiting Palm Hills International and terminating its license, according to the company’s bourse filing on February 20.

During the first nine months of 2018, Palm Hills posted a rise in its consolidated profits by 37% YoY and logged EGP 640.21 mn, compared to EGP 466.9 mn in the year-ago period, taking minority interests into consideration.