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Tuesday, 3 March 2020

Palm Hills Egypt board approves purchase of 62 mn treasury stocks

Palm Hills Development’s (PHD) board of directors approved the purchase of 62.351 mn treasury stocks to hedge against the "unjustified" drop in the company's stock price on the Egyptian Exchange (EGX), according to a regulatory filing (pdf). The decision comes one day after the Financial Regulatory Authority introduced a new temporary rule that enables listed companies to purchase treasury stocks without notifying the EGX three days in advance. PHD said it plans to issue EGP 1.2 bn of securitized bonds in 2020 to help finance its ongoing construction projects, according to the local press. The company had closed a EGP 776 mn securitized bond backed by a portfolio of 582 delivered units at 11 of the real estate company’s developments, last year, to bring its total issuances to EGP 2.4 bn.

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