A Saudi investor could be buying the Arab African International Bank’s (AAIB) stake in Palm Hills, the second-largest EGX-listed real estate company.
The AAIB had reportedly received an offer from Emirati investment group Al Ain to acquire its 12.7% stake in Palm Hills at a price of EGP 2.5/share.
Sources claim that AAIB rejected Al Ain’s offer & asked them to revise it following the recent fluctuations in the exchange rate.
The bank is looking for a revised offer between EGP 2.6-3/share given the current exchange rate.
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