ArabFinance: The Egyptian Exchange (EGX) has announced that Palm Hills Developments (PHD) submitted documents for an EGP 81.309 million capital decrease, according to a disclosure on Monday.

Accordingly, the company’s capital will be decreased to EGP 6.081 billion from EGP 6.162 billion through writing off 40.654 million treasury shares.

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.