Palm Hills Development’s Board of Directors has agreed to start negotiations with shareholders of Maccor for Securities Investments Company to acquire controlling stake of the company.

Maccor for Securities Investments Company is a holding company with a controlling and minority stakes in a number of companies that own hotel establishments; namely; Sixth of October Company for Hotels and Tourist Services (Novotel Sixth of October), the Tourist hotels and Restraunts Company (Scarabee Floating Restaurants), Ismailia Tourist Company (Mercure Ismailia Hotel), Neama Company for Tourism and Real Estate Investment (Novotel Sharm el Sheikh), Accor Company Hotels (Management Company).

This step is part of the company’s strategy in diversifying sources of income from related sectors where PHD can leverage its expertise and its brand name while securing stable less cyclical sources of revenues.