The board of El Shams Pyramids for Hotels and Touristic Projects endorsed financial indicators for the nine-month period that ended on September 30, 2014, showing that net loss narrowed 20% to $3.4 million from $4.3 million posted in the same period a year earlier.
The company’s revenues totaled $60.7 million in the same period.
The company had logged $2.5 million net loss in H1-14, compared with $2.9 million net loss in the H1-13.
The company had announced in late October that its rights issue was subscribed by 100% in the two phases.
The Egyptian Financial Supervisory Authority (EFSA) had approved a request from the company to invite shareholders to subscribe to 90146 uncovered secondary shares at $10 par value each.
The subscription started on Sunday, October 19 through Thursday, October 23.
The company announced earlier that its rights issue was covered by 91.8% in phase one.
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.
El Shams is capitalized at $36 million, divided into 3.6 million shares at $10 par value each.