Sharm Dreams offers 6.4 mln shares for subscription

CAIRO: Egyptian hotel company Sharm Dreams for Tourism Investment said on Thursday it will offer 6.4 million shares for subscription in late August. Amr Helmi, director of investor relations for Sharm Dreams, said the shares will be available to investors on the Egyptian stock exchange at a nominal value of 10 Egyptian pounds per share. The firm already has 26 million listed shares, a stock exchange official said. On Monday, Sharm Dreams announced its purchase of an extra 2.2 percent stake in Rowad Misr Tourism, bringing its total stake in the company to around 50.6 percent. It said Rowad Misr owns three Hilton hotels – in Sharm El-Sheikh and Nuweiba in the Sinai Peninsula and Burg El-Arab on the north coast – and a Kempinski hotel in the Sahl Hashish area on the Red Sea.