CAIRO May 7 An affliate of U.S investment group
Ripplewood has acquired a 2.3 percent stake in Egyptian
developer Palm Hills, the firm said in an emailed
statement on Wednesday, adding that it hopes to increase its
stake over time.
"We believe Palm Hills is well-positioned as one of Egypt's
leading real estate developers and hope that we can help enhance
the company's efforts in its development of new projects," said
Timothy C. Collins, Ripplewood's founder and CEO.
"We are also confident in the future prospects of the
company as we expect to increase our stake over time after this
initial investment," he said.
(Reporting by Asma Alsharif; editing by Jason Neely)