Palm Hills Developments' share price hit a record low after the company's board approved returning a land plot to the government to ease "future financial burdens".
The developer's shares dropped 5.9 per cent to 1.27 Egyptian pounds, the lowest since the company listed in May 2008.
Palm Hills's board has approved returning an 190-feddan (82 hectares) plot on the outskirts of Cairo, the company said in a filing to the Egyptian Exchange yesterday. The company had not developed or marketed the property, located on the eastern part of Sixth of October City, the statement said.
Property companies in Egypt are dealing with a string of legal challenges to their land holdings since a court ruled last year that a state deal with Talaal Moustafa Group, the country's biggest developer, was illegal.
Palm Hills is facing two court cases contesting the legality of its purchases of state land from the government.
Palm Hills Katameya, which is 85 per cent complete, and Palm Parks, which is 50 per cent complete, are the subject of the two cases.
These two plots represent less than 7.5 per cent of the developer's total land bank.
Property sales in the country have been subdued since the revolution that ousted Hosni Mubarak as president. Palm Hills said it had delivered 909 units since last year and 256 since February. The group plans to deliver 1,210 units in the next six months.
The company in June reported a first-half loss of 81.4 million Egyptian pounds, compared with a profit of 191.4m in the same period last year.
Analysts said the company's mounting debt and liabilities might cause it to sell some assets.
"It's no secret. They haven't got money, so they need to return the land," said an analyst who did not want to be identified. Yasseen Mansour, the company's chairman, was acquitted of graft charges in July.
Shares of Palm Hills have declined 80 per cent this year, bringing the company's market capitalisation to 1.3 billion pounds.
halsayegh@thenational.ae
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
