Palm Hills Developments Will Launch A Second Subscription Round For The Unsubscribed Shares Representing 19.3% In The EGP 1.54 Billion Rights Issue
Palm Hills Developments ("PHD" or "the Company"), a leading real estate developer in Egypt, is pleased to announce the launch of a Second Subscription Round for the unsubscribed portion of the EGP 1.54 billion Rights Issue, in accordance with the approval issued by the Financial Regulatory Authority ("FRA") on November 22, 2018. The unsubscribed portion stands at 148,448,143 new ordinary shares ("New Shares") at a subscription price of EGP2 per New Share (plus
fees of EGP0.03 per New Share). The Second Subscription Period will last for 5-days starting November
25, 2018 and ending November 29, 2018.
On November 19, 2015, the Company announced successful completion of the 30-day Subscription Period for its Tradable Rights Issue ("Rights Issue" or "Transaction") ended November 15, 2018, whereby existing shareholders and purchasers of Tradable Subscription Rights ("Rights"), have subscribed for 80.71% of the Rights Issue translating into Net Proceeds of EGP1.24 billion excluding issuance fees of EGP18.6 million.
