• Adjust fair value to EGP3.06/share on 1:20 bonus share issue We adjust our fair value (FV) for Palm Hills Developments (PHD) to EGP3.06/share from EGP3.25/share, to account for the 1:20 bonus share issue approved by shareholders at the EGM held on 13 March. The ex-dividend date was 22 June. The total number of outstanding shares increased by 110.0mn. We note that the number of shares had increased by 26.7mn in 1Q16, with the inclusion of the new shares, issued under PHD’s ESOP plan. The new number of shares is 2.31bn.
Mai Attia Sara Boutros
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