CAIRO: Emaar Misr submitted a request to the Egyptian Exchange’s (EGX) securities listing committee Wednesday to float its shares in the Egyptian market.
Emaar Misr, a subsidiary of the UAE’s Dubai-based real estate developer Emaar Properties, operates with capital of 878 million EGP distributed in 87 million shares, a Wednesday EGX statement read.
Earlier in January, Reuters quoted two “informed sources in the EGX” saying: The initial public offering (IPO) a portion of Emaar Misr is expected to exceed 2 billion EGP ($270.3 million), which would make it the largest IPO in Egypt’s stock market since Talaat Moustafa Holding’s flotation in 2007.
Arabian Cement’s IPO in May was the first on the EGX in four years.
“Fresh IOPs in the market assures Arab and foreign investors that the EGX is still vital and dynamic. It also a sign of the stock market stability regardless any other external factors of limited impact on the market,” said Mohsen Adel, Deputy head of the EG-Finance Association.
In comments to The Cairo Post, Adel said: “Such new flotations are expected to revive the market and restore the individuals who had left the market in the past few years.”