Arab Finance: Palm Hills Development Company’s (PHDC) board of directors has decided to acquire businessman Yassin Mansour’s stake of 29.59% or 216.112 million shares in Taaleem Management Services Company for EGP 8.25 per share, as per a disclosure.

The decision, approved by Palm Hills' board on October 1st, will come into effect following the approval of the ordinary general meeting (OGM).

Additionally, the board approved an increase in Palm Hills' ownership in Macor Hotels from 60.3% to 69.8% by acquiring 9.5% of shares from Mansour and Maghribi Investment and Development for EGP 175.582 million.

The board also decided to reduce the company's capital by writing off 61.680 million treasury shares.

Accordingly, it authorized its Chairman and Managing Director to invite for the extraordinary general meeting (EGM) to address the capital reduction and purchase 88.2 million shares as treasury shares, representing up to 3% of the issued shares.

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