Palm Hills cancels listing of GDRs

Each GDR represented 20 ordinary shares of PHD

  
Traders work at the Egyptian stock exchange in Cairo, Egypt February 13, 2018.

Traders work at the Egyptian stock exchange in Cairo, Egypt February 13, 2018.

REUTERS/Amr Abdallah Dalsh
Cairo – Mubasher: Palm Hills Developments (PHD) announced the cancellation of procedures to list its Global Depositary Receipts (GDRs) on the official list of the Financial Conduct Authority (FCA) and on the main market of the London Stock Exchange (LSE).

The application to the concerned authorities, announced on 29 September, has been approved to be effective from 22 December, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Each GDR represented 20 ordinary shares of PHD which will continue to be listed and traded on the EGX.

During the first nine months of 2020, the property developer logged EGP 536.55 million in net profits, down from EGP 595.02 million in the same period a year earlier, including minority shareholders’ rights.

Source: Mubasher

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