Arab Finance: Palm Hills Developments’ (PHDC) board of directors approved the capital cut proposal to reduce the company’s issued and paid-up capital from EGP 6.003 billion to EGP 5.88 billion, according to a statement filed to the Egyptian Exchange (EGX) on January 23rd.
The capital will be cut by EGP 120 million through writing off 60 million treasury shares at a nominal value of EGP 2 per share.
On the other hand, the company’s ordinary general meeting (OGM) approved the signing of finance lease contract with International Company for Leasing (Incolease) (ICLE) at a value of EGP 150 million, according to a separate statement.
