WS advises real estate firm

Weber Shandwick Financial is advising real-estate firm Palm Hills Development (PHD) for a Cairo and London listing.

PHD develops high-end residential real estate and resort projects in Egypt - the market value of its properties at 1 March was £1.76bn.

Weber Shandwick Financial MD Ian Bailey said the agency was focusing on global briefs and benefiting from the continued attractiveness of the London markets from foreign companies, despite the credit crunch.

The offering is both of ordinary shares and global depositary receipts - the former being on the Cairo and Alexandria Stock Exchange and the latter on the London Stock Exchange - and there will also be a retail offering. 

PHD is owned by the Egyptian El Mansour and El Maghraby groups.

Separately, Weber Shandwick Financial director Steve McCool has been promoted to deputy managing director to head the firm's day-to-day operations.

McCool takes over responsibility from MD Ian Bailey, who will now concentrate on more international work, such as the Cairo brief.

The move sees McCool take charge of the 40-strong financial team.

McCool joined in January 2006, from a role at Credit Suisse First Boston's regional management group.

He was previously executive director of Media Relations at UBS and vice president of corporate strategy at Merrill Lynch.

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