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Palm Hills to boost capital to EGP2.7bn

Egyptian real estate developer, Palm Hills has said it has received approval from the regulator to raise EGP600m ($85.9m) in a rights issue to help it finance its building programme, Reuters has reported. The firm, which has 1.05 billion shares outstanding, will sell 300 million new shares, increasing its capital to EGP2.7bn. "The money will be mainly allocated to finance project construction," said Palm Hills spokeswoman, Ibtessam Zayed.