Palm Hills Developments logo

PHDC - Palm Hills Developments News Story

$5.1 0.0  0.0%

Last Trade - 04/04/18

Sector
Financials
Size
Micro Cap
Market Cap £14.6m
Enterprise Value £219.0m
Revenue £241.7m
Position in Universe th / 1818

Palm Hills Develop - Conversion of Securities

Tue 22nd December, 2020 3:03pm
RNS Number : 5788J
Palm Hills Developments S.A.E.
22 December 2020
 

CANCELLATION OF LISTING OF GDRs AND TERMINATION OF GDR PROGRAMS

 

The European Union Market Abuse Regulation EU 596/2014 requires Palm Hills Developments S.A.E to disclose that this announcement contains inside information, as defined in that Regulation

 

Cairo/London, December 22, 2020: Palm Hills Developments ("PHD" or "the Company") announce following application to the Financial Conduct Authority (the "FCA") and the London Stock Exchange (the "LSE") and its announcement on 29 September 2020, the cancellations of the admission to listing of its Global Depositary Receipts ("GDRs") on the Official List of the FCA and the admission of its GDRs to trading on the main market of the LSE, with effect from 8:00 a.m. UK time, today, 22 December 2020.

 

In addition, the GDR programs have been terminated and the GDRs cancelled, such termination and cancellation also taking effect, today, 22 December 2020.

 

Each GDR represented 20 ordinary shares of PHD (the "Shares"). The Shares will continue to be listed and traded on the Egyptian Stock Exchange.

 

 

 

-END-

 

 

 

 

About Palm Hills Developments

Palm Hills Developments ("PHD"), a leading real estate developer in Egypt, is a joint stock company established in 1997. The Company builds integrated communities and has one of the most diversified land bank portfolios, spreading over 42.3 million square meters ("sqm"). PHD's product offerings include primary homes on both West Cairo and East Cairo, as well as secondary homes in the North Coast (Mediterranean Sea) and Ain Sokhna (Red Sea).

 

As at end of 9M2020, PHD delivered 11,090 units within its developments. Today, PHD has 9 projects under development, 3 projects in West Cairo, 3 projects in East Cairo and 3 projects in the North Coast and Alexandria, in addition to 7 new projects including 6 co-developments, translating into a sales backlog of c.EGP15 billion. PHD is one of the most liquid and actively traded stocks on the Egyptian Stock Exchange, and is traded under the symbol "PHDC.CA". The Company has a GDR listing on the London Stock Exchange and is traded under the symbol "PHDC.LI". For more information, please visit:

www.palmhillsdevelopments.com/

 

Investor Relations Contacts

Mamdouh Abdelwahab

Radwa Abu Elnaga

Tel +202 35351200, Extensions 1504

Investor.relations@phdint.com   

 

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
CONKKBBKPBDDDBB

Recent news on Palm Hills Developments

See all news
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.