Palm Hills Developments, an Egyptian real estate developer, has said that it intends to float on the London Stock Exchange. Financial Times, The Times
The offering is expected to close in May, with the company also set to trade on the Cairo and Alexandria Stock Exchange.
PHD develops high-end residential real estate and resort projects in Egypt; the market value of its properties at March 1 was $3.5bn (£1.76bn). In 2007, the company generated revenues of $96.7m and net profits of $32.5m. A separate retail offering will be conducted in Egypt.