(DNE File Photo)
Manager of Investor Relations for Touristic Development Marsa Allam Yousri Abdel-Baki said the company is finalising documents for raising capital as requested by the Egyptian Financial Supervisory Authority (EFSA).
The company is awaiting EFSA’s reply, expected within days, in order to hold an extraordinary general assembly after completing the capital raising procedures in accordance with the disclosure model as deposited by the company in the Stock Exchange Disclosure Administration on 21 November.
Abdel-Baki explained that the additional capital of EGP 30m will be used in new expansions related to touristic development services within the area of Marsa Allam and its private hotel, in addition to expansion of activities in light of the gradual improvement in Egypt’s sector of tourism, especially the Red Sea’s coastal area.
The company requested raising its capital from EGP 20m to 50m with an increase of EGP 30m spread over 20 million shares through a 1.5 share for each original share, while the company’s share par value is 1 EGP.
Marsa Allam for Touristic Development activities results showed that during 2013’s first nine months, the company realised EGP 3.956m as net profits compared to EGP 8.465 thousand during the same period in the preceding year, with an increase of 367.4%.
