{"id":21486,"date":"2016-07-31T21:09:58","date_gmt":"2016-07-31T14:09:58","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=21486"},"modified":"2016-07-31T19:29:15","modified_gmt":"2016-07-31T12:29:15","slug":"egypts-palm-hills-approves-reverse-stock-split-on-depositary-shares","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/egypts-palm-hills-approves-reverse-stock-split-on-depositary-shares\/","title":{"rendered":"Egypt's Palm Hills approves reverse stock split on depositary shares"},"content":{"rendered":"


\nPalm Hills, Egypt’s second-largest listed property developer, said on Sunday it had changed the conversion ratio for its depositary receipts, effectively engineering a reverse stock split of the underlying shares.The change, approved by the developer’s board of directors on Thursday, will mean one depositary receipt now represents 20 ordinary shares rather than five, Palm Hills said in a statement on the stock exchange website.The change amounts to a reverse stock split on the underlying depositary shares, on the basis of one new depositary share for every four depositary shares, it said.Palm Hills did not give a reason for the move.Depositary receipts are financial instruments that make it easier for foreign investors to invest in a company or market. The prices are based on the underlying shares but are traded independently.The change comes into effect beginning August 1, 2016.Follow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Egypt’s Palm Hills approves reverse stock split on depositary shares<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Palm Hills, Egypt’s second-largest listed property developer, said on Sunday it had changed the conversion...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-21486","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5Ay","jetpack-related-posts":[{"id":118216,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/beike-zhaofang-stock-surges-on-nyse-debut-after-solid-ipo-reception-shrugging-off-external-noise-amid-frayed-us-china-relations\/","url_meta":{"origin":21486,"position":0},"title":"Beike Zhaofang stock surges on NYSE debut after solid IPO reception, shrugging off \u2018external noise\u2019 amid frayed US-China relations","date":"August 14, 2020","format":false,"excerpt":"\r KE Holdings\u2019 shares almost doubled when they changed hands for the first time on the New York Stock Exchange as investors piled into the biggest initial public offering (IPO) by a Chinese company on a US bourse in more than two years.Its American depositary shares (ADS) fetched US$35.06 in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119654,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinas-big-telcos-lose-another-us1-5-billion-of-market-value-in-sell-off-on-nyse-delisting-plan-despite-late-rebound\/","url_meta":{"origin":21486,"position":1},"title":"China\u2019s Big Telcos lose another US$1.5 billion of market value in sell-off on NYSE delisting plan despite late rebound","date":"January 4, 2021","format":false,"excerpt":"\r China\u2019s Big Telcos slumped in Hong Kong trading before a late buying support helped pare losses triggered by the New York Stock Exchange\u2019s decision to delist their American depositary receipts from later this week.Investors dumped China Mobile, China Unicom and China Telecom in Hong Kong in early trading on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118134,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tencent-backed-real-estate-platform-beike-aims-to-raise-us2-billion-in-new-york-ipo-even-as-us-tightens-noose-around-wechat\/","url_meta":{"origin":21486,"position":2},"title":"Tencent-backed real estate platform Beike aims to raise US$2 billion in New York IPO even as US tightens noose around WeChat","date":"August 8, 2020","format":false,"excerpt":"\r KE Holdings, a Chinese online property platform backed by Tencent Holdings and SoftBank Group, is looking to raise about US$2 billion in a US initial public offering (IPO).Also known as Beike Zhaofang, the company is offering 106 million American depositary shares at US$17 to US$19 each, according to a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4007,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/egypts-palm-hills-reports-128-rise-in-q4-profit\/","url_meta":{"origin":21486,"position":3},"title":"Egypt's Palm Hills reports 128% rise in Q4 profit","date":"February 7, 2016","format":false,"excerpt":"\r \r Palm Hills, Egypt's second-largest listed property developer, reported on Sunday a 128 per cent rise in fourth-quarter net profit to 203.5 million Egyptian pounds from 89.2m pounds in the same period in 2014.The company posted a 192 per cent rise in net profit of 1.03 billion pounds for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13042,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/egypts-palm-hills-aims-to-set-up-shop-in-dubai\/","url_meta":{"origin":21486,"position":4},"title":"Egypt's Palm Hills aims to set up shop in Dubai","date":"May 14, 2016","format":false,"excerpt":"\r The Egyptian developer Palm Hills Development is planning to set up a base in Dubai.The company confirmed that its board has given the green light to establish a Dubai-based company, which will be used for \"any potential future project\/investment opportunity outside Egypt\".However, it declined to comment on future plans,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4081,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-schemes-help-egypts-palm-hills-to-break-sales-and-profit-records\/","url_meta":{"origin":21486,"position":5},"title":"New schemes help Egypt's Palm Hills to break sales and profit records","date":"February 7, 2016","format":false,"excerpt":"\r \r The Egyptian developer Palm Hills said property sales increased by 61 per cent last year to 6.3 billion Egyptian pounds (Dh2.95bn), surpassing a previous record of 5.5bn pounds set back in 2010.The company said that the growth in sales was a result of strong demand for new schemes\u2026","rel":"","context":"In "Property 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