Cairo - El Shams Pyramids for Hotels and Touristic Projects’ board of directors approved the feasibility study conducted to increase the company’s capital by $40 million.

The new capital of the EGX-listed company will stand at $89.13 million, compared with $49.13 million, according to a stock exchange statement on Thursday.

Subject to the approval of Egypt’s Financial Regulatory Authority (FRA), senior shareholders shall be invited to subscribe in 40 million shares at a nominal value of $1 per share.

The board further agreed to start negotiations with the National Bank of Egypt (NBE) for a loan deal to finance the development of the company's Le Méridien Pyramids Hotel & Spa, under the initiative of the Central Bank of Egypt (CBE) aimed at backing the tourism sector.

It is worth noting that in the first half (H1) of 2022, El Shams Pyramids incurred net losses of $965,210, down from $2.47 million in H1-21.

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