Palm Hills: Second Phase in Rights Issue 32.18 Times Covered

Palm Hills Development (PHD) (PHDC.CA) said the second phase of its subscription to remaining secondary shares was covered by 32.18 times.

The company closed on December 23 subscription to 12.8 million remaining secondary shares of its rights issue, which began on Tuesday, December 17.

Shareholders of record till the close of trading on October 28 and buyers of the subscription right in the period from November 4 until December 2 were entitled to the subscription of the remaining shares.

The property developer had announced earlier this month that its rights issue to increase issued capital to EGP 2.696 billion was covered by 95.74%.

The company added the rights issue, which was opened on Monday, November 4 and ran for one month till Thursday, December 5, saw the subscription of 287,218,375 shares at a total value of EGP 583,053,301,25.

The number of unsubscribed shares amounted to 12,781,625, or 4.26%, at a total value of EGP 25,946,698,75.

On October 9, the Egyptian Financial Supervisory Authority (EFSA) announced it initialed approved the request of PHD to invite shareholders to subscribe to 300 million secondary shares at EGP 2 par value (plus EGP 0.03 issue costs) each, to increase issued capital by EGP 600 million.