Palm Hills shareholders approve the distribution of a cash coupon and the reduction of the capital


Cairo – Mubasher: The Ordinary General Assembly approved a company Palm Hills ReconstructionBoard of Directors’ report on the company’s activity and financial statements for the past year.

The company said in a statement to the Egyptian Stock Exchange today, Sunday, that the General Assembly approved the profit distribution project for the past year, as it was decided to distribute a cash coupon of 10 piasters per share, with a total of 304.05 million pounds, to be spent in one payment, provided that the distribution includes the reward and incentive system for the company’s employees in the coupon Cash.

The association vacated the responsibility of the board of directors for the period, and decided to re-elect the board in light of the change in the ownership structure of the shareholders of the company, as it was decided to appoint Yass Ibrahim Lotfi Mansour as Chairman and Managing Director of the Board of Directors, and Muhammad Al-Amin Ismail, Vice Chairman of the Board of Directors.

The general assembly also agreed that the company would enter into netting contracts to buy the stake owned by Al-Mansour and Al-Maghribi Investment and Development Company in Palm Hills Education, which is 28 percent, with a value of 4.19 million pounds, and the New Cairo East Real Estate Development Company, which is 11 percent, at a value of 11 million pounds.

On the extraordinary general level, the Assembly adopted a disclosure form regarding reducing the company’s capital by writing off 36.35 million treasury shares, and amending articles 6 and 7 of the articles of association.

The company’s board of directors had proposed reducing the company’s issued capital from 6.23 billion pounds to 6.16 billion pounds, by reducing 72.7 million pounds by writing off the balance of treasury shares shown in the financial statements in 2020, with a total of 36.35 million shares, at a value of 2 pounds.

The general assembly decided that the company would assign 50 percent of the registered land area of ​​1,283 acres in the new city of Sphinx to the Urban Communities Authority in exchange for changing the activity from agricultural to urban and connecting utilities to the land.

During 2020, the company achieved profits of 717.76 million pounds after tax and minority rights during the period from January to last December, compared to profits of 846.78 million pounds in 2019.

The company’s activity revenues declined over the past year to 5.21 billion pounds in 2020, compared to revenues of 6.22 billion pounds in 2019.

At the level of independent businesses, the company achieved profits of 562.43 million pounds during the year 2020, compared to profits of 579.9 million pounds in 2019.

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Palm Hills Developments profits down 15% in 2020

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