Palm Hills Developments Successfully Raise EGP991 Million In The Second Subscription Round, Implying 3.3 Times Oversubscription
Cairo/London, December 3, 2018: Palm Hills Developments ("PHD" or "the Company"), a leading real estate developer in Egypt, announces the successful completion of the five days Second Subscription Round for the unsubscribed portion of the EGP1.54 billion Rights Issue of 769 million new ordinary shares (“New Shares”). The unsubscribed portion stood at 148,448,143 shares, with a total value of EGP 301 million, representing 19.29% from the total offering, which was 3.3 times oversubscribed with a net subscription value of EGP977 million excluding issuance fees of EGP14 million.
The Company is expected to call for a Board of Directors (“BoD”) meeting soon to discuss and approve all regulatory steps required to list the New Shares on the EGX.
