Egypt's Palm Hills plans $230 mln share issue to raise capital

Reuters , Tuesday 6 Jan 2015

Palm Hills
A man plays golf in a Palm Hills project. File Photo

Palm Hills, Egypt's second-largest listed real estate developer, said on Tuesday it planned to increase its capital by 1.65 billion Egyptian pounds ($230.49 million) through a share issue on the Cairo stock exchange.

The company said in a statement on the bourse website that it had called a shareholders meeting on Jan. 12 to approve the plan, which aims to increase its capital from around 2.7 billion to about 4.35 billion pounds.

Palm Hills plans to issue 824 million shares at a nominal value of 2 pounds each, it said.

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