The Egyptian Financial Supervisory Authority (EFSA) announced it approved initially a request from El Shams Pyramids for Hotels and Touristic Projects to invite shareholders to subscribe to 90146 uncovered secondary shares at $10 par value each.
The subscription will start on Sunday, October 19 through Thursday, October 23.
The company announced yesterday that its rights issue was covered by 91.8% in phase one.
The company had announced trading subscription rights during the period from Tues, September 2 till Sunday, September 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.