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FRA approves Palm Hills capital reduction

FRA approves Palm Hills capital reduction
The company’s issued capital will be reduced by EGP 72.7 million
Palm Hills
PHDC
2.42% 3.38 0.08

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the disclosure form submitted by Palm Hills Developments (PHD) to cut its capital.

The disclosure form includes the board’s decision to reduce the company’s issued capital by EGP 72.7 million to EGP 6.16 billion from EGP 6.23 million through cancelling 36.35 million treasury stocks, according to a statement to the Egyptian Exchange (EGX) on Monday. 

During 2020, PHD reported consolidated net profits of EGP 717.76 million, down from EGP 846.78 million a year earlier, including minority shareholders’ rights.