Palm Hills Developments (PHD) has convened a board meeting on October 1, 2024, addressing key strategic decisions, including a capital reduction plan, Invest-Gate reports.

The company approved the cancellation of treasury shares through the purchase of 216,112,769 shares, representing 29.59% of the company’s total capital. These shares will be acquired from PHD Chairman Yasseen Mansour for EGP 8.65 per share, with the buyback subject to approval by the General Assembly.

In addition, the board approved the acquisition of shares in various other subsidiaries, including the Mansour & Maghraby Investment and Development Company, further strengthening Palm Hills’ portfolio. This move aims to enhance the company’s financial and investment structure in the open market.

Moreover, the board discussed several other corporate actions, including preparing for the upcoming General Assembly meeting and finalizing the share transfer process.

The meeting concluded with gratitude expressed to the board members for their contributions.

Furthermore, these developments are part of Palm Hills’ broader strategy to optimize its financial structure, improve liquidity, and drive growth in the highly competitive real estate market.

The focus remains on reinforcing its leadership position in Egypt’s real estate sector while maintaining shareholder value.

Notably, this latest buyback and restructuring are expected to impact the company’s financial health and market presence positively.