Cairo – Mubasher: Cairo-listed property firm Palm Hills Development (PHD) said Monday that subscription to its rights issue has reached 96.61%.

The company previously announced raising issued capital to EGP 4.34 billion, from EGP 2.69 billion. The EGP 1.6 billion was divided into 824 million shares at EGP 2 par value plus 3.5 piasters each.

The capital raise aims to finance expansion plans at the housing and commercial levels, according to PHD.

The property developer’s net profits for the fiscal year 2014 reached EGP 353.3 million ($46.3 million), compared with EGP 238.9 million ($31.3 million) a year earlier.