The board of Sharm Dreams Co. for Tourism Investment approved on Tuesday the increase in issued capital by 33.3%, or EGP 150 million, to EGP 600 million from EGP 450 million.
A total of 15 million shares will be issued at par value plus issue costs.
The company operates with issued and paid-in capital of EGP 450 million, divided into 45 million shares at EGP 10 par value each.
The company had posted EGP 2.025 million net loss in FY13, against EGP 7.013 million net profit reported in FY12, while taking into consideration minority rights. The company had logged EGP 342 thousand net loss in the first nine months of FY13, versus EGP 7.024 million net profit in the same period a year earlier. Sharm Dreams operates with issued and paid-in capital of EGP 450 million, divided into 45 million shares at EGP 10 par value each.