Cairo – Mubasher: The board of Palm Hills Development Co has agreed to raise authorised, issued, and paid-up capital.

The board has approved to boost authorised capital to EGP 10 billion from EGP 6 billion, the property developer said in a filing to the Egyptian Exchange (EGX) on Wednesday.

The board also agreed to raise issued capital by EGP 1.53 billion to EGP 6.15 billion from EGP 4.6 billion by inviting major shareholders to a subscription through issuing 769.6 million shares at par value of EGP 2, in addition to the expenses of issuance.

The company also added that the board will discuss amending Article 6 and Article 7 of the company’s articles of association.

Earlier this morning, Palm Hills Development reported a 25.9% year-on-year rise in consolidated profits for the first half of 2018 due to a growth in revenues.

Net profit amounted to EGP 439.9 million during H1-18, versus EGP 349.3 million in the year-ago period, including minority shareholders’ rights.