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EGX lists EGP 81.3M capital cut for Palm Hills Development

EGX lists EGP 81.3M capital cut for Palm Hills Development

Arab Finance: The Egyptian Exchange’s (EGX) Listing Committee has decided to list the EGP 81.309 million capital decrease for Palm Hills Development Company (PHDC) through writing off 40.65 million treasury shares in accordance with the company’s financial position on September 30th 2021, according to a statement by the EGX on May 25th.

Accordingly, the issued capital of the company will be cut to EGP 6.081 billion from EGP 6.16 billion, distributed over 3.04 billion shares at a nominal value of EGP 2 per share.

Palm Hills Development’s shares after the capital cut will be registered on the EGX’s database as of Monday, May 30th.

Palm Hills is an Egypt-based company that focuses on real estate investment in new cities and urban communities, land reclamation and cultivation, and other activities associated with the Company’s operations.

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