Egypt's Palm Hills Developments has pushed back a plan to sell EGP500 million ($88 million) in bonds until early 2011, Al-Mal newspaper quoted its chief financial officer (CFO) on Sunday as saying.

The company had said in January that its board of directors approved the sale of up to EGP1 billion in bonds as part of a plan to raise new funds to speed up construction spending.

It completed a EGP699 million rights issue in April and a EGP467 million syndicated loan in January.

Al-Mal quoted CFO Ihab Swellem as saying the EGP500 million bond issue would take longer than expected because of procedures and because the firm would focus on construction and on building up its land bank in the next few months.

Palm Hills officials were not immediately available for comment.-Reuters