Palm Hills Developments’ (PHDC) Board of Directors was convened on February 17.
Palm Hills approved issued capital hike from EGP 4,397,999,478 to EGP4,617,899,452 with increase amounting to EGP 219,899,974.
Capital hike will be distributed over 109,949,987 shares at nominal value of EGP 2 per share, through distribution of one shares for every existing 20 held.
Capital hike will be funded from delayed profits for the fiscall year ending December 2015.
BOD agreed to call ordinary and extra-ordinary general assembly to be convened to review capital hike.
Moreover, Palm Hills agreed to participate in establishing the following companies:
Palm Hills for Touristic and Real Estate Development with capital of EGP250 thousand.
Palm Hills for Touristic Investment with capital of EGP250 thousand.
Palm Hills for Touristic resorts with capital of EGP250 thousand.
source: Arab Finance