Cairo-Mubasher: Palm Hills Development said its board recommended increasing capital through distributing 1-for-20 bonus shares, to be financed from retained earnings for the fiscal year ended 31 December 2015.
The capital will be increased to EGP 4.618 billion from EGP 4.398 billion. The EGP 219.9 million increase is divided into 109.9 million shares at a par value of EGP 2 each.
The stock climbed 2.2% in Thursday’s early trade to EGP 2.36, with a turnover of EGP 3.4 million.
