Cairo – Mubasher: Palm Hills Development Co has raised EGP 991 million from the second phase of the capital hike subscription.
The second phase was oversubscribed by 3.3 times through 148.4 million shares at a value of EGP 301 million, the property developer said in a statement to the Egyptian Exchange (EGX).
The first phase was oversubscribed by 3.3 times at a value of EGP 977 million, excluding the issuance fees of EGP 14 million, according to the statement.
Palm hills previously said that the capital increase subscription was oversubscribed by 80.71% during its first phase at a total value of EGP 1.26 billion.
