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

The issued and paid-up capital will stand at EGP 5.719 billion

Staff Writer, Arab Finance

April 10, 2025

PHOTO
Aerial view of Cairo. (Photo by MEDALE Claude/Sygma via Getty Images) Image used for illustrative purpose.

Arab 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.

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