El Shams Pyramids for Hotels and Touristic Projects will start today its rights issue which will run for one month until 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.