CAIRO: Egyptian hotel company Sharm Dreams for Tourism Investment said on Tuesday it would re-open subscription to an uncovered portion of its capital increase, a company official said.
In the original offering, which ended in early June, shareholders subscribed to only 4.14 million of the offered capital increase shares, with 1.86 million shares still remaining.
Director of Investor Relations Amr Helmi said the company was confident that the remaining shares would be subscribed.
We are only re-opening for three days starting [Wednesday], he said.
The subscription price will be LE 30, and will raise the number of shares in the company to 32 million shares.
The offering will be followed by a second offer of an extra 6.4 million shares in late August at a nominal value of LE 10 per share.
Sharm Dreams announced in June that it will purchase 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 hotels in the Sinai peninsula, the North Coast and in the Sahl Hashish area on the Red Sea.
