Cairo - Mubasher: Tourism Urbanization Co. said it has fully utilised the proceeds of its latest capital hike, which amounted to EGP 6.884 million.

The amount was used in paying the dues of contractors in Mövenpick Pyramids project, it added in a bourse filling.

The company said earlier it was planning to develop the hotel in order to raise its capacity to 460 rooms from 300.

the hotel operator pointed out that it had finished 100% of the project at total cost of EGP 134 million, including the EGP 82 million credit facility it obtained from Banque Misr .

The firm suffered losses of EGP 17.57 million in the first nine months of 2015, compared with EGP 6.9 million a year earlier.