Cairo – Mubasher: Palm Hills Development Company’s (PHDC) employee benefits committee has sold around 3 million shares during Sunday’s trade.

The Egypt-based real estate firm sold all available shares related to employee benefits’ system, according to a filing to the Egyptian Exchange (EGX) on Monday.

PHDC’s profits jumped to EGP 936.4 million during the full-year 2017 from EGP 785.25 million a year earlier.

The company did not give further details concerning the cost of the shares.

Palm Hills’ capital amounts to EGP 1.6 billion distributed over 2.3 billion shares at a par value of EGP 2 per share.