18th Feb 2010 12:45
Translation
PALM HILLS DEVELOPMENTS S.A.E.
An Egyptian Joint Stock Company incorporated in accordance with the provisions of Law No. 8 of 1997
Head Office located at the 6 of October Governorate
Registered at Cairo Commercial Register under No.6801
Authorized Capital EGP 3,500,000,000
Issued and paid Capital EGP 1,397,760,000
Invitation to the Existing Shareholders to Subscribe to the increase of the Company's issued capital
Palm Hills Developments S.A.E. announces an invitation to the existing shareholders to subscribe to the increase of the Company's issued capital.
Joint Bookrunners: Credit Suisse and HSBC for promoting the subscription.
I. Basis for Increase Resolution:
In implementation of the resolution adopted by the Extraordinary General Shareholders Meeting of the Company held on 28/01/2010.
II. Increase Amount:
Increase of the Company's issued capital from EGP 1,397,760,000 to EGP 2,096,640,000 with an increase amounting to EGP 698,880,000 for 349,440,000 shares at a par value of EGP 2, at no issuing charges, allocated to the existing shareholders, provided that every shareholder owning two (2) shares shall be entitled to subscribe to one (1) share.
III. Company's General Data:
Name of Company : Palm Hills Developments S.A.E.
Governing Law : Law No. 8 of 1997.
Commercial Register : 6801 of 10/01/2005 - Cairo.
Head Office : Sixth of October.
Object of the Company : Real estate investment in new cities and urban communities, reclamation and cultivation of desert lands.
Authorized Capital : EGP 3,500,000,000.
Current Issued Capital : EGP 1,397,760,000.
Number of Shares : 698,880,000 shares.
Type of Issued Shares : Ordinary.
Par-value : EGP 2.00.
Purpose of Issue : Financing the Company's future expansions.
Status of increase shares
vis-à-vis dividends : The capital increase shares shall have a right to share in the profits declared for the financial year ending on 31/12/1010.
Status of Listing at
the Stock Exchange : The Company's ordinary shares are listed on the Egyptian Stock Exchange.
Auditor : Ernest & Young Office: Mr. Emad Hafez Ragheb, Mr. Nabil Akram Istanbouli;
Mostafa Shawki Office: Mr. Ahmed Mostafa Shawki, Mr. Alaa Abdulazim Mansour.
Joint Bookrunners : Credit Suisse and HSBC.
Legal Advisor of
the Offering Managers : Baker & McKenzie.
Legal Advisor of
the Company : Al Kamel Law.
IV. Subscription Conditions:
Right to Subscription:
The Company's existing shareholders and the purchasers of shares up to the end of the trading session of 04/03/10 day, shall have the right to subscribe, each pro rata to its shareholding, which shall be limited to 50% of the number of shares owned by each shareholder in the issued capital prior to the increase.
Terms of Payment:
The subscribed shares shall be fully paid at a par value of EGP2 per share.
Subscription Time:
Subscription starts as of 08/03/2010 for a period of one (1) month ending on 06/04/2010. In the event that the subscription value is fully covered, subscription may be closed after the lapse of ten (10) days from date of commencement of the subscription period.
Place of Receiving Subscription:
Subscription is concluded through HSBC at any of the following branches:
|
Cairo Zone |
|
|
Branch
Zamalek Head Office Downtown Heliopolis Nasr City El Obour Altagamou Alkhames Gamet Aldwal Alarabia Lebnan Dandy Mall Nile City |
Address
3 Aboul Feda St. 306 Corich-el-Nil, Maadi 13 Kasr El Nil St. 1, Roxy Square 29, Albatrawy St., off Abbas Alakkad St. 13 El Obour Bldgs., Salah Salem Avenue 106, St. No. 90, Nasr City 54, Gamet Al Dowal Al Arabia St., Mohandessin 25 Lebanon St., Mohandessin Alexandria-Cairo Desert Highway Nile City Towers, North Tower, Cornich El Nil |
|
Alexandria Zone Branch Alexandria Semouha |
Address 47, Sultan Hussein St. Azhar Alsaraya Bldgs. |
|
Sharm El Sheikh Zone Branch Sharm El Sheikh |
Address Alsalam St. |
|
Hurghada Zone Branch Hurghada |
Address 37 Algabal Alshamaly St.
|
|
Luxor Zone Branch Luxor
|
Address Khaled Ibn Al Waleed St., Cornich El Nil, Iberotel Hotel, Luxor |
|
Lower Egypt Branch Mansoura |
Address 182, Algeish St.
|
V. Required Documents:
1. Copy of the ID card of the natural person or commercial register of a judicial person; and
2. Document evidencing ownership of shares on the date indicated in the announcement (shareholder's statement of account issued by the depository book-keeper showing the balance of shares owned on the date indicated in the announcement).
VI. In the event subscription is not covered:
The remaining shares not subscribed to shall be re-offered, to the existing shareholders, for re-subscription, without limiting the re-subscription to the percentage participation of the existing shareholders' shareholding. In the event that the remaining shares are over subscribed, then the allocation shall be based on the ratio between the remaining shares and shares for which the demand was made. Any fractional differential shall be allocated to the minority shareholders.
The Company shall reimburse overpaid amounts realized from the subscription to the remaining shares within one (1) week from the date of closing of the subscription period by the Bank receiving the subscription.
VII. Investors Relationship:
Investors Relationship Manager: Mrs. Sara El Gawahergy
Tel.: 35351229 Address: Kilo 28 Cairo/Alex Desert Road, Abou Rawash, Smart Village A4-B83
VIII. In the event that the last day of subscription is a public holiday, the last day of subscription shall be the first following business day.
Chairman of the Board of Directors
Mr. Yasseen Mansour
This announcement was ratified on 16/02/2010 by the Egyptian Financial Supervisory Authority (EFSA).
Related Shares:
PHDC.L