Cairo - Mubasher: Palm Hills Development said its extraordinary general meeting gave go-ahead to raising the company's issued capital from EGP 4.34 billion to EGP 4.39 billion, up by EGP 53.4 million.
The increase of EGP 53.4 million will be distributed across 26.68 million shares at EGP 2 par value each.
The capital top-up will be financed from the deferred dividends according to the financial statements for the fiscal year ended December 2014, and will be fully allocated to the employees incentives program.
The real estate developer saw an increase of 213.5% in net profits for the first nine months of 2015.
