(2 Minutes Read)
Palm Holding acquired some 1.73 million shares in Incolease for around EGP 41 per share. Commercial International Brokerage Company (CIBC) was the broker for the transaction.
Palm Holding for Financial Investments of Egypt has acquired the British Arab Commercial Bank’s stake in the International Company for Leasing (Incolease) for EGP 70.8 million, according to EGX disclosures. The transaction brings Palm Holding’s stake in Incolease to 26.9%.
Palm Holding acquired some 1.73 million shares in Incolease for around EGP 41 per share. Commercial International Brokerage Company (CIBC) was the broker for the transaction.
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Palm Hills Developments restructured its stake in Incolease and sold it to Palm Holding in an EGP 149.9 million transaction back in February 2023. A consortium of four state-owned banks and insurance companies exited Incolease in 2022, selling their 38.7% stake for EGP 316.9 million. Incolease offers leasing services with a focus on assets including commercial vehicles, machinery, IT equipment, production lines, and real estate.
