ArabFinance: The Egyptian Exchange (EGX) has set the limit down of Palm Hills Developments (PHD) at 15.332%, according to the companys April 20th filing.

The circuit breaker of the companys stock is also set at a limit down level of 10.628%, the EGX disclosure added.

The stocks price movement limits will be effective as of the closing session of the ex-dividend date on April 27th.

The EGXs decision came after the companys announcement of distributing cash dividends of EGP 0.10 per share on April 25th.

The company will cut its issued capital by EGP 72.7 million to EGP 6.16 billion from EGP 6.23 billion through canceling 36.35 million treasury stocks.

The real estate developer reported a 15% Year on Year decline in its consolidated net profit in 2020, recording EGP 717.76 million.

PHD is an Egypt-based company that focuses on real estate investment in the new cities and urban communities, land reclamation and cultivation, and other activities associated with the Companys operations.

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