Cairo – Mubasher: The board of Palm Hills approved establishing a new company in Dubai Multi Commodities Centre, the company said in a press release.
The company will be operating with AED100,000 and governed by UAE by-laws, the release indicated, including no details over the purpose of the company.
Palm Hills’ consolidated profits for FY16 first quarter declined 43.19% year-over-year to EGP105.43 million ($11.90 million) from EGP185.59 million ($20.95 million), according to a bourse filing.
Earlier, its shareholders gave the green light to distributing cash dividends at EGP 0.15 per share and bonus shares at 1-for-20.
Moreover, the real estate developer’s extraordinary general meeting gave the go ahead for raising issued capital by EGP 219.9 million (109.9 million shares) to EGP 4.618 billion from EGP 4.398 billion.
