Cairo – Mubasher: The ordinary general meeting (OGM) of Palm Hills Developments (PHD) approved a proposal to distribute EGP 0.10 per share as cash dividends for 2020.

A total of EGP 304.05 million will be paid in a lump sum as cash dividends for last year’s earnings, the company said in a bourse disclosure on Sunday.

The shareholders also approved the reappointment of the board of directors for a new term with Yassin Ibrahim Lotfy Mansour as the chairman and managing director and Mohamed El-Amin Ismail as the vice chairman.

In addition, the OGM greenlighted contracts for the acquisition of El Mansour and El Maghraby for Investment and Development’s 28% stake in Palm Hills Education for EGP 4.19 million and 11% stake in Eastern New Cairo for Real Estate Development for EGP 11 million.

The extraordinary general meeting (EGM) approved the board’s proposal 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.

Moreover, the shareholders approved the waiver of 50% of a 1.283-feddan land in New Sphinx City to the New Urban Communities Authority (NUCA) in exchange for changing the purpose of the land from agricultural to urban.

In 2020, PHD achieved net profits of EGP 717.76 million, down from EGP 846.78 million in 2019, including minority shareholders’ rights.