Cairo – Mubasher: Palm Hills Development Co’s extraordinary general meeting (EGM) has agreed to raise the company’s issued capital by EGP 78 million to finance the reward and motivation system for employees.
The issued capital will be raised to EGP 6.23 billion from EGP 6.15 billion and will be financed by retained profits of the financial statements of the period ended March 2018, Palm Hills said in a statement to the Egyptian Exchange (EGX) on Thursday.
The capital increase will be dedicated to the reward and motivation system for the company’s employees and the board of directors, according to the statement.
The EGM has also approved the amendment of articles 6 and 7 of the company’s articles of association.
Meanwhile, the ordinary general meeting (OGM) has endorsed allocating EGP 78 million of the retained profits for the company’s reward and motivation system, the company added.
The OGM also approved 2018 financial statements, as well as the board’s report on the company’s business.
Moreover, the OGM endorsed the restructuring of the board and renewing the membership of the members headed by the chairman Yaseen Ibrahim Lotfi Mansour.
In February, Palm Hills posted it recorded a net consolidated profit of EGP 906.8 million in 2018, compared to EGP 936.47 million in 2017, including minority shareholders’ rights.
