Palm Hills Developments, backed by Egyptian billionaire Yasseen Mansour, plans to buy a 29.6 percent share in Taaleem Management Services Company for EGP1.9 billion ($39.3 million). This acquisition reflects Palm Hills’ intention to expand its portfolio outside its main real estate business and into Egypt’s burgeoning private education sector.
Palm Hills intends to acquire 216.1 million shares from Yasseen Mansour for EGP8.65 ($0.18) per share, subject to regulatory approval. Mansour recently increased his interest in Taaleem to 18.3 percent by purchasing shares worth EGP505.6 million ($10.46 million). This strategic investment is consistent with Mansour’s vision of strengthening Egypt’s private university network and expanding educational possibilities throughout the country.
Palm Hills’ acquisition of Taaleem is part of its overall growth strategy, which includes increasing its share in Macor Hotels to 69.8 percent. The form seeks to acquire a 9.5 percent stake for EGP175.58 million ($3.63 million), thereby increasing its presence in the hospitality sector.
Palm Hills has acquired a record loan of EGP10.3 billion ($212.3 million), the largest ever granted to a private sector enterprise in Egypt’s real estate market. The monies will go towards the building of Badya, Egypt’s first smart city. The company intends to invest EGP22 billion ($455.1 million) in construction activities by 2025, demonstrating its commitment to real estate expansion.
Palm Hills has suggested a capital reduction strategy that includes writing off 61.68 million treasury shares and acquiring 88.2 million shares as treasury stock. This proposal, which represents up to 3% of outstanding shares, will be presented at an upcoming extraordinary general meeting.
Palm Hills Developments, Egypt’s second-largest listed real estate corporation and a part of Mansour Group, has maintained its market leadership by constant outstanding financial performance. Palm Hills, led by Yasseen Mansour, who owns 10.17% of the company, has benefited on Egypt’s thriving real estate market.
Palm Hills reported EGP10.94 billion ($225 million) in revenue in the first half of 2024, up 58% from EGP6.92 billion ($142.6 million) in 2023. This expansion was primarily driven by increased unit sales and successful project handovers, as the company continued to capitalize on Egypt’s burgeoning real estate market.
Furthermore, Palm Hills’ asset base grew by 27.9 percent, reaching EGP 95.03 billion ($1.96 billion) in the first half of 2024, cementing its status as one of Egypt’s largest and most powerful real estate companies.