Egypt's Palm Hills plans $230 mln share issue to raise capital

Palm Hills, Egypt's second-largest listed real estate developer, said on Tuesday it planned to increase its capital by 1.65 billion Egyptian pounds ($230.49 million) through a share issue on the Cairo stock exchange.

The company said in a statement on the bourse website that it had called a shareholders meeting on Jan. 12 to approve the plan, which aims to increase its capital from around 2.7 billion to about 4.35 billion pounds.