Cairo – Mubasher: Sharm Dreams Company for Touristic Investment on Wednesday said it had used EGP 77.85 million from the proceeds of the EGP 79.85 million capital increase at the end of June, which was listed in August 2015.
The company has used the capital increase proceeds to reimburse around EGP 12 million of the firms’ accounts payable, according to a filing to the Egyptian Exchange (EGX).
The Egyptian firm also paid EGP 41.5 million to complete the construction of the ongoing and idled projects.
Moreover, Sharm Dreams reimbursed EGP 12.6 million to suppliers and contractors to guarantee that they would complete their work at the company so it does not face any legal claim that impact reputation.
The company also used nearly EGP 11.75 million of proceeds as general and administrative expenses, including dues owed by the company to the EGX and the tax authority.
The remaining proceeds of the capital hike amounts to around EGP 2 million, Sharm Dreams highlighted.
The EGX-listed firm previously posted a 68.1% plunge in net losses in 2017, recording loss of EGP 27.04 million, compared to EGP 84.88 million in 2016.
