|
Egypt's Palm Hills Developments has pushed back a plan to sell 500 million Egyptian pounds ($88 million) in bonds until early 2011, Al-Borsa quoted its chief financial officer as saying.
The company had said in January that its board of directors approved the sale of up to 1 billion pounds in bonds as part of a plan to raise new funds to speed up construction spending.
It completed a 699 million pound rights issue in April and a 467 million pound syndicated loan in January.
Al-Borsa quoted CFO Ihab Swellem as saying the 500 million pound bond issue would take longer than expected because of procedures and because the firm would focus on construction and on building up its land bank in the next few months.
Palm Hills officials were not immediately available for comment. ($1=5.681 Egyptian Pound)
|
