Palm Hills plans $85.8 mln rights issue

Palm Hills, Egypt's second-biggest listed property developer, plans to increase its capital by 600 million Egyptian pounds ($85.8 million) through a rights issue, the Egyptian Financial Supervisory Authority (EFSA) said on Thursday.

A statement posted on the Egyptian bourse website said Palm Hills is seeking to offer 600 million pounds worth of shares to existing shareholders at their nominal value of 2 pounds per share.

The statement gave no timeframe for the capital increase or the regulatory approval process.