Arab African International Bank Becomes The Second Largest Shareholder In Palm Hills Developments
Arab African International Bank (“AAIB” or “The Bank”) acquired 12.3% in Palm Hills Developments ("PHD" or "the Company"), whereby AAIB became the second largest institutional shareholder in the Company following Mansour and Maghrabi for Investments and Developments ("MMID").
Yasseen Mansour, PHD's Chairman & Group CEO commented: “We look forward to welcome AAIB’s team as members of our Board of Directors in addition to our current distinguished board members, with the aim of creating strategic value for the Company by leveraging upon AAIB’s experience as one of the most reputable financial institutions in Egypt. We have spent many years working together and we hope to cooperate with AAIB for many years to come”.
