Palm Hills Developments Announces Purchase of 800,000 Treasury Shares
Palm Hills Developments has announced the execution of a treasury share purchase transaction during trading on Sunday, according to a disclosure filed with the Egyptian Exchange.
In its statement, the company said it acquired approximately 800,000 treasury shares through open-market transactions at the prevailing market price during the trading session.
Palm Hills Developments had previously approved a plan to repurchase treasury shares from the open market, citing current market valuations that it believes do not reflect the company’s true value. Under the plan, the company intends to purchase up to 28.59 million shares, viewing the buyback as an attractive investment opportunity at current price levels.
The company added that the treasury share purchase program is scheduled to run from December 15, 2025, to January 13, 2026, in line with applicable regulations and disclosure requirements.