Palm Hills Developments has acquired a 7.97% stake in the International Company for Leasing (Incolease) in exchange for EGP 65.35 million.
Palm Hills has acquired 1.59 million shares in Incolease at a price of EGP 41 per share, according to a bourse filing on Tuesday.
It is worth noting that three shareholders, namely the National Investment Bank (NIB), Misr Insurance Company, and Misr Insurance Life, have cut their stakes in Incolease.
Incolease is an Egypt-based company engaged in the provision of customer service and personalized financial solutions.
The company leases a range of assets, including commercial vehicles, machinery, information technology equipment, production lines, real estate, and other tangible and intangible long-term assets.
