March 17, 2008 / 1:52 PM / 11 years ago

Egypt's Sharm Dreams capital increase 99.8 pct subscribed

CAIRO, March 17 (Reuters) - Egyptian hotel company Sharm Dreams for Tourism Investment (SDTI.CA) said on Monday its 13 million share offer was 99.8 percent subscribed, raising 129.75 million Egyptian pounds ($23.68 million).

“The remaining 25,136 shares will be re-offered later after the approval of the Capital Market Authority and also to existing shareholders,” Amr Helmy, the company’s investors relations director told Reuters.

Sharm Dreams offered 6 million new shares last June at 30 pounds per share.

It said later it would offer an extra 6.4 million shares, which it later raised to 13 million.

“This was a response to the capital increase of Sharm Dreams holding company from 400 million pounds to 700 million pounds and to increase our investments in other companies,” Helmy added. Sharm Dreams Holding for Tourism and Hotels owns 45 percent in Sharm Dreams.

Shares were offered at 10 pounds each and a 0.25 pound fee for a month ending March 12. The subscribed portion would raise the total number of shares in the company to 44.974 million shares.

Shares of Sharm Dreams, which has a market capitalisation of about 1.1 billion pounds, last traded 3.6 percent lower at 22.62 pounds on Monday. (Reporting by Wael Gamal)

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