Intention To Cancel Listing And Terminate GDR Programmes
The European Union Market Abuse Regulation EU 596/2014 requires Palm Hills Developments S.A.E to disclose that this announcement contains inside information, as defined in that Regulation.
Palm Hills Developments S.A.E ("PHD") hereby announces that it has applied for the cancellation of the admission to listing of its global depositary receipts ("GDRs") on the Official List of the Financial Conduct Authority (the "FCA") and the cancellation of the admission to trading of its GDRs on the main market of the London Stock Exchange (the "LSE"), which will take effect on 22 December 2020. In addition, the GDR programmes will be terminated and the GDRs cancelled.
Such termination and cancellation will also take effect on 22 December 2020. This notice is given in fulfilment of the obligation under LR 5.2.8R.
PHD has applied for the cancellation of the admissions to listing and trading of its GDRs due to the low volume of GDRs being traded on the main market of the LSE. PHD believes that, given the limited liquidity of the GDRs, the costs and administrative burden of maintaining the admission to listing of the GDRs on the FCA's Official List and the admission to trading on the main market of the LSE are disproportionate to the benefits of such admissions. Each GDR represents 20 ordinary shares of PHD (the "Shares"). The Shares represented by the GDRs will continue to be listed and traded on the Egyptian Stock Exchange.
