Cairo – Mubasher: Palm Hills Developments Company announced a capital reduction by cancelling treasury shares totalling 61.68 million shares, according to a bourse disclosure.
The board members also decided, on 1 October, to purchase the share of El Mansour and El Maghraby for Investment and Development in Macor Hotels Company. Palm Hills will acquire a 9.50% stake in exchange for EGP 175.58 million, bringing its total shareholding in Macor to 69.50%.
Furthermore, the board agreed to purchase all the shares of Yasser Mansour, Chairman and Managing Director of Palm Hills, in Taaleem Management Services Company, amounting to 216.11 million shares at a cost price of EGP 8.65 per share.
Meanwhile, the transactions are subject to the general assembly’s approval.
Last month, Palm Hills announced plans to invest EGP 22 billion in construction during 2025.
