SNG: Egypt: Palm Hills’ EGM nods to $779,636 capital reduction

About this update from Palm Hills Development Co.

Staff WriterArab Finance: Palm Hills Development Company's extraordinary general meeting (EGM) approved lowering the company’s issued capital by EGP 40 million, as per a statement.The capital cut will be implemented through writing off 20 million treasury shares at a nominal value of EGP 2 per share.Accordingly, the issued and paid-up capital will stand at EGP 5.719 billion.At the end of 2024, Palm Hills reported 105.81% year-on-year (YoY) higher consolidated net profits after tax and non-controlling interest at EGP 3.254 billion, compared to EGP 1.581 billion.© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

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