Palm Hills to launch global offering
Egypt: Wednesday, April 09 - 2008 at 08:43
Palm Hills Developments, a leading real estate developer in the Egyptian market, said it plans to conduct a global offering of ordinary shares and global depositary receipts. It also intends to apply for admission of the Shares to trading on the Cairo and Alexandria Stock Exchange and for the admission of the GDRs to the Official List of the UK Financial Services Authority and to trading on the London Stock Exchange. The Global Offering is expected to close in May 2008. The market value of PHD's properties as of 1 March 2008 was valued at EGP19.5bn ($3.5bn), prior to adjustments for tax, minority interests and land repayment obligations.
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Jeff Florian, Senior ReporterWednesday, April 09 - 2008 at 08:43 UAE local time (GMT+4)
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