Arab Finance: The Financial Regulatory Authority (FRA) has approved Palm Hills Development Company's disclosure report concerning its capital reduction, facilitated by the writing off treasury shares, as per a disclosure.
The FRA detailed that the capital reduction will see Palm Hills’ issued capital decrease by EGP 123.36 million from EGP 5.883 billion to EGP 5.759 billion.
This adjustment involves the writing off 61.68 million treasury shares, each holding a nominal value of EGP 2.