Friday, April 16, 2021

April 1 … The General Assembly of “Palm Hills” considers dividends and transferring the activity of the “New Sphinx” land

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Palm Hills Development Company called on its shareholders to attend the extraordinary general assembly on April 1 to consider reducing the company’s capital by writing off the 36.35 million treasury shares, and amending Articles 6 and 7 of the company’s articles of association.

The general assembly will discuss the assignment of 50% of its 1283 acres of land in the new city of Sphinx to the New Urban Communities Authority, in exchange for changing the activity from agricultural to urban and connecting utilities to the land.

On the same day, the regular general assembly is looking at the approval of the dividend distribution project for 2020, provided that the distribution includes the right of the company’s employees’ reward and incentive system to the cash voucher, and the re-election of the Board of Directors.

The association is discussing agreeing to donate to the Long Live Egypt Fund at an amount of EGP 30 million, and agreeing to the company entering into netting contracts to buy the share owned by Al-Mansour and Al-Maghribi Investment and Development Company in Palm Hills Education, amounting to 28 percent and valued at 4.12 million pounds, and the New East Cairo Real Estate Development Company, amounting to 1 Percent and its value is 11 million pounds.

The board of directors of the “Palm Hills Development” company approved the purchase of the stake owned by “Al Mansour and Al Maghribi Investment and Development” company in “Palm Hills Education”, estimated at 28.16%, amounting to 4.195.840 billion pounds.

The council approved the purchase of the stake owned by Al-Mansour and Al-Maghribi Investment and Development Company in East New Cairo for Real Estate Development, estimated at 11%, and its value is 11 million pounds.

The Council’s decisions included the following: –
– Approval of the approval of the disclosure form regarding the reduction of the company’s capital through the disposal of treasury shares, in accordance with Article 48 of the rules for registration and the conduct of the reduction procedures.

The Board authorized its Chairman or Managing Director to invite the extraordinary general assembly and determine the date and place of the meeting to reduce the company’s capital by writing off the balance of treasury shares on December 31, with a total of 36.350 million shares.

– Consider re-election of the company’s board of directors in light of the change in the ownership structure of the company’s shareholders, in order to achieve proportional representation of the company’s shareholders and women’s representation in the membership of the board of directors.

Approval of participating in the President’s initiative to import Corona vaccine by donating to the Long Live Egypt Fund with a total amount of EGP 30 million, and approving the offer at the next General Assembly for approval.

Approval of the dividend distribution project for the fiscal year ending on December 31, until presentation to the General Assembly for approval, including cash distributions to shareholders in the amount of 304 million pounds, equivalent to 0.1 pounds per share, and the distribution of 33.8 million pounds to workers, with the deduction of a legal reserve of 5% of Profits achieved during 2020 amounting to 28.1 million pounds.

The profits of the “Palm Hills Development” company decreased by 18.5% during the past year to reach 717.8 million pounds, compared to a net profit of 846.8 million pounds during the previous year 2019, taking into account the rights of the minority shareholders.

The company’s revenues decreased during the past year 2020 to reach 5.2 billion pounds, compared to total sales of 6.22 billion pounds in the previous year.

The total profit decreased to 2.01 billion pounds during the same period, compared to 6.22 billion pounds in the same period in 2019.

The basic share of profits per share was 0.233 pounds, compared to 0.275 pounds in 2019.

The consolidated financial statements of Palm Hills Development showed that its profits grew by 104.4% during the third quarter of 2020, to reach 254.4 million pounds, compared to a net profit of 124.5 million pounds during the third quarter of 2019, taking into account the rights of the minority shareholders.

The company’s sales increased during the third quarter of this year to reach 1.5 billion pounds, compared to total revenues of 1.1 billion pounds during the third quarter of last year.

The total profit of the activity during the same period rose to 569.5 million pounds, compared to 437.3 million pounds in the same period.

Activity costs during the three months ending last September recorded 964.5 million pounds, compared to 659.3 million pounds in the comparative period.

The profit per share was 0.077 pounds, compared to 0.030 pounds in the same period.

The article, April 1, … The General Assembly of “Palm Hills” looking into dividends and transferring the activity of the “New Sphinx” land was written in Al-Borsa newspaper.

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