The Egyptian Financial Supervisory Authority (EFSA) has initially approved a request from Tourism Urbanization Co. to invite shareholders to subscribe to 375,517 remaining secondary shares at EGP 10 par value plus EGP0.25 issue costs each.
The company had announced that subscription to its rights issue reached 62.3%, or 6.229 million shares by Egyptian General Company for Tourism & Hotels (EGOTH) and 0.15%, or EGP 15.1 thousand paid by shareholders, at a total subscription value of EGP 46.24 million, or 62.45%, out of EGP 10 million.
EFSA had approved a disclosure from the company to increase capital by EGP 10 million to EGP 68.304 million from EGP 58.304 million.