Cairo – Mubasher: The Egyptian Exchange (EGX) on Wednesday said it approved Palm Hills Development Co.’s request to increase its capital.
The capital hike involves adding 769 million shares at par value of EGP 2 per share, the bourse revealed in a statement.
The real estate developer had submitted a request to raise its capital by EGP 1.5 billion to EGP 6.15 billion from EGP 4.6 billion.
The capital increase shares will be listed on the bourse as of the trading session on Sunday, 30 December, the EGX added.
Palm Hills said previously that it was looking to register sales of around EGP 12 billion in 2018, while targeting a net profit of around EGP 800 million and EGP 6.8 billion in revenues.
