Cairo - Mubasher: Palm Hills Developments on Monday announced it has completed the 30-day subscription period for its rights issue ended 15 November.
Shareholders have subscribed for 80.7% of the rights issue translating into net proceeds of EGP 1.24 billion, excluding issuance fees of EGP 18.6 million, in the EGP 1.54 billion transactions of 769 million new shares at a subscription price of EGP2 per new share, according to an official statement.
The real estate developer aims to obtain all due regulatory approvals to launch a second subscription round for the remaining 19.3%, the company said.
The company will announce details regarding the opening of the second subscription round in due course, the statement added.
The new shares issuance will be carried out through a rights issue within the company's authorised capital that amounts to EGP10 billion, Palm Hills noted.
The company's share capital is projected to rise to EGP 6.16 billion from EGP 4.62 billion after the closing of the transaction.
