CAIRO: The Listing Committee of the Egyptian Exchange (EGX) approved publishing Egypt’s real estate developer Palm Hills Development’s (PHD) disclosure form, in order to complete capital increase procedures.
Palm Hills’ board approved an increase its capital by 2.5 billion EGP ($350 million) to 6 billion EGP from 3.5 billion EGP currently, and its issued capital from 2.6 billion EGP to 4.3 billion EGP through offering 824 million shares at a nominal value 2 EGP each, according to the EGX website.
According to article 48 of the Listing Rules and article 52 of the executive regulations, Palm Hills will have to hold its extraordinary general meeting within a month to start its disclosure.
Egypt’s Palm Hills Development (PHD) released a statement Wednesday to the Egyptian Exchange (EGX) that it plans to inject around 2.2 billion EGP in existing real estate projects during 2015.
The real estate developer will allocate 1.7 billion EGP to residential projects and 500 million EGP to commercial projects, PHD announced.