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Palm Hills seeks shareholder OK to raise authorized, issued capital

Cairo-based Palm Hills Developments Co. (SAE) will hold an extraordinary shareholders' meeting Sept. 6 to seek approval to increase its authorized and issued capital, among other things.

Palm Hills plans to raise its authorized capital to 10.00 billion Egyptian pounds from 6.00 billion pounds.

The company is also looking to expand its issued capital by roughly 1.54 billion pounds through a 2 pound-per-new share subscription deal with existing shareholders. The company said in a release that the rights will be traded separately from its underlying shares.

As of Aug. 10, US$1 was equivalent to 17.86 Egyptian pounds.