PHD announces ratio change in its depositary receipt programme
Palm Hills Developments (PHD) has announced a ratio change in its depositary receipt programme, whereby one depositary share will represent 20 ordinary shares, instead of five, previously, following a reverse split exercise, on the basis of one new depositary share for every four, as of close of 29 July 2016. The change will be effective on 1 August. (Company disclosure) Palm Hills Developments: EGP2.50 as of 20 July 2016, Rating: Buy, FV: EGP3.06 per share, MCap: USD650mn, PHDC EY / PHDC.CA
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