The Egyptian Exchange (EGX) decided to list the rights issue of Sharm Dreams Co. for Tourism Investment on database at session start on Tuesday, September 16, 2014.
The rights issue will open on September 16 till October 16 and will be carried out via CIB branches.
Subscription rights will be traded separately during September 16-Octobe 13.
Opening trading of subscription rights after being added to EGX database won’t be carried out unless the market price of original shares are higher than subscription price for secondary shares, as per provisions of article No. 29 of executive regulations of EGX listing rules.
The Egyptian Financial Supervisory Authority (EFSA) had initially approved a request from the company to invite shareholders to subscribe to shares of increasing issued capital by EGP 150 million, or 15 million shares at EGP 10 par value plus EGP 0.25 issue costs each.
The company had posted financial statements for H1 that ended on June 30, 2014, which showed that net loss narrowed 73% to EGP 337 thousand, compared with EGP 1.2 million net loss in the same period a year earlier.