The Egyptian Exchange (EGX) announced that the rights issue of El Shams Pyramids Co. for Hotels & Tourisms Constructions will start on Tuesday, September 2 and will run for one month till October 1, 2014.
Shareholders will be allowed to trade subscription rights separately from original shares during the period September 2- 28, 2014.
The EGX operations committee set $22.06 as the open price for the subscription right set at 0.306 share per each original share.
The company’s ordinary general meeting had endorsed on July increasing capital from $36 million to $47 million. The $11 million increase is 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.