ArabFinance: Palm Hills Development Company (PHDC) has raised its stake in International Company for Leasing (Incolease) (ICLE) to 15.36% from 9.60%, according to a bourse filing.

As per the acquisition transaction, Plam Hills has purchased around 1.149 million shares in Incolease at a total value of EGP 47.138 million, equivalent to an average price of EGP 41 per share.

Palm Hills is an Egypt-based company that focuses on real estate investment in the new cities and urban communities, land reclamation and cultivation, and other activities associated with the Company’s operations.

Incolease is an Egypt-based company engaged in the provision of customer service and personalized financial solutions.