CAIRO: Egypt’s Emaar Misr, a subsidiary of the UAE’s Dubai-based developer Emaar Properties, said Tuesday that its board had recommended to shareholders that the real estate developer offer 600 million shares on the Egyptian Exchange (EGX) to raise 2.8 billion EGP ($366.97 million.)
In a statement to the EGX, Emaar Misr said the board approved the shares’ price at 4.70 EGP per share, under the recommendation of accounting and advisory firm Grant Thornton.
In February, Emaar Misr submitted a request to float its shares in the Egyptian market.
“Fresh IOPs in the market assure Arab and foreign investors that the EGX is still vital and dynamic. It is also a sign of the stock market’s stability regardless of any other external factors of limited impact on the market,” said Mohsen Adel, deputy head of the EG-Finance Association.
Adel told The Cairo Post, “Such new flotations are expected to revive the market and restore the individuals who had left the market in the past few years.”