General “El Shams Pyramids” recognizes the results of the work and amends the articles of the statute

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The Ordinary General Assembly of “El Shams Pyramids Hotels and Tourism Establishments”, approved the Board of Directors’ report on the company’s activities for the past year 2020.

The General Assembly approved the financial statements for the past year, and decided to release the Board of Directors for the period.

The General Assembly approved the semi-annual disclosure form for the use of the capital increase subscription proceeds, for the period ending last December.

The extraordinary general assembly agreed to amend Article 6 of the company’s articles of association regarding the authorized capital of the company to 5 times its issued capital, in accordance with the decision of the Financial Supervision Authority that the authorized capital should not exceed 5 times its issued capital.

Al Shams Pyramids for Hotels and Tourism Establishments revealed the actual use of the proceeds of the capital increase subscription until the end of the fiscal period ending December 31, which amounted to $ 955 thousand.

The company added that the remaining value of the IPO proceeds amounted to $ 1.183 million, out of a total value of $ 2.138 million.

The company stated that the details and status of projects compared to what was disclosed in the prospectus amounted to 180,000 interest on loans as of December 31, 775,000 room renewal expenses, and the percentage of project completion reached 44.67%.

The “Shams Pyramids Hotels and Tourism Establishments” company turned into a loss of 3.1 million dollars during the first nine months of this year, compared to a net profit of 572.9 thousand dollars in the comparative period of the previous year 2019, taking into account the rights of the minority.

The company’s total sales decreased during the period to reach 61.7 thousand dollars at the end of September, compared to 4.7 million dollars during the same period last year.

The company recorded a total loss during the same period of $ 2.213 million, compared to $ 1.747 million, a total profit for the same period.

The company attributed its transformation to loss in the first nine months of this year to the new Corona pandemic and the suspension of operation of the hotel, which is the main source of the company’s revenues.

The article “El Shams Pyramids” general issue acknowledges the results of business and amends articles to the articles of association that were written in Al Borsa newspaper.