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Golden Coast to build new hotel worth EGP60m

Golden Coast to build new hotel worth EGP60m
Golden Coast
GOCO
2.13% 0.48 0.01

Golden Coast announced, in a bourse statement, it plans to build a new hotel at a cost of EGP 60 million for the first phase.

The new project will be financed from the company’s capital increase from EGP 20 million to EGP 50 million. The EGP 30 million raise, to be divided into 7.5 million shares at EGP 4 par value per share, will be effected via a rights issue pro rata.

The company will also raise a EGP 20 million bank loan to finance the project.

Photo Credit: Arabianeye-Reuters