CAIRO: Egyptian real estate developer Palm Hills Developments said in a statement that the second round of its capital increase rights issue launched earlier this month was over-subscribed more than 500 times.
This rights issuance raises PHD’s capital from LE 1.4 billion to LE 2.1 billion, an increase in the amount of LE 699 million, representing 349,440,000 shares, the firm said.
The first phase saw an almost 99 percent take-up, and accordingly, subscription was reopened for the second round to cover the remaining portion of the unsubscribed shares.
Yasseen Mansour, chairman and CEO of Palm Hills Developments, said the proceeds of the capital increase will be used to speed up the construction activities as well as provide a cash cushion to take advantage of any land acquisition opportunities. -Daily News Egypt
