Egyptian hotel company Sharm Dreams for Tourism Investment said its repeat share offer for the 1.86 million shares left in an earlier offer was 176 per cent oversubscribed.

"Investors applied for about 3.24 million shares during the three-day period of the reopening offer," said director of investor relations Amr Helmi.

In the original offering, which ended in early June, shareholders subscribed for only 4.14m of the 6m shares on offer.
The company said last week it would re-open the subscription offer with a price of 30 Egyptian pounds ($5.30) per share.

In June, it had said it would be offering an extra 6.4m shares in late August at a nominal value of 10 pounds per share, thus raising the total number of shares in the company to 38.4 million.-Reuters