The Egyptian Financial Supervisory Authority (EFSA) initially approved a request from El Shams Pyramids Co. For Hotels & Tourism Constructions to invite shareholders to subscribe to 1.1 million shares of increasing issued capital at $10 par value each.
Shareholders of record till the close of trading on August 20 will be entitled to the rights issue that will open on September 2 and run for one month till October 1, 2014.
Shareholders will be entitled to trade subscription rights during September 2-28.
The company’s shareholders had approved in July raising capital from $36 million to $47 million. The $11 million will be divided into 1.1 million shares at $10 par value each plus issue costs.
The company is capitalized at $36 million, divided into 3.6 million shares at $10 par value each.