Cairo – Mubasher: Talaat Moustafa Group Holding has negated acquiring shares of Palm Hills Development Company.

The company negated that it has agreed a share exchange at one for every three shares, according to a filing to the Egyptian Exchange (EGX) on Thursday.

TMG’s capital stands at EGP 20.63 billion, distributed over 2.06 million shares, with a face value of EGP 10 per share. 

Meanwhile, PHD has a capital of EGP 6.15 billion, with a total of 3.07 billion shares at a nominal value of EGP 2 each.