Real estate developer Palm Hills Developments (PHD) obtained the approval of a consortium of seven banks to raise the limit of the credit facility that was signed last year for its new project, The Crown, by EGP388mn to reach EGP1.24bn. The maturity date of the loan has also been extended to eight years instead of six to accelerate the project’s construction works, according to the company. The seven banks’ contribution to the loan will be as follows: EGP225mn from NBE, EGP290 from Attijariwafa-Egypt, EGP233mn from Emirates-NBD Egypt, EGP166mn from FAB-Egypt, EGP115mn from Suez Canal Bank, EGP111mn from ABK-Egypt and EGP100mn from Mashreqbank-Egypt. 
 
Palm Hills: EGP2.24 as of 10 Dec. 2018, Rating: Buy, TP: EGP4.74/share, MCap: USD386mn, PHDC EY/PHDC.CA