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Palm Hills: 1st round of capital hike subscription covered 80.71%


: Palm Hills Developments (PHDC) announced the completion of the first round of capital hike subscription for the existing shareholders successfully, ending November 15, 2018.
The Company said in a statement sent to the Egyptian Stock Exchange (EGX), the shareholders subscribed to 80.71% of the total capital hike amount worth LE1.24 billion after deduction of LE18.6 million.
EGXs Listing Committee that held on October 10, approved listing 769,649,909 separate right issues of Palm Hills that resulted from increasing the company capital to LE6,157,199,270from LE4,617,899,452 with increase amounting to LE164,180,166.
The capital hike will be through issuance 769,649,909 shares, at par value of LE2 per stock with LE0.03 issuance expenses.
The Shareholders on record of October 14, 2018, will be entitled to participate in the capital increase by 33.3% of their shares in the companys capital before the increase.
The subscription will be opened for one month, starting October 17, 2018, till ending of trading session November 15, 2018.
The right issue will be traded separately from the original stock from October 17, till ending of trading session November 12, 2018.



Time Added: 2018-11-19 13:45:10
Source: Arab Finance
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