Property

Emaar Misr looks to raise $367m in shares on Egypt exchange

Subsidiary of Dubai’s Emaar Properties said it would price the shares at 4.70 Egyptian pounds each

PHOTO: Emaar Misr’s board wants to sell 600 million shares on the Cairo stock exchange. Credit: Emaar Misr

Emaar Misr, the Egypt-based subsidiary of the Dubai real-estate giant, is looking to raise 2.8 billion Egyptian pounds ($366.97 million) in a shares issue, it has been reported.

The firm’s board has recommended to shareholders that the developer offer 600 million shares on the Cairo stock exchange, Reuters said.

It plans to price the shares at 4.70 Egyptian pounds each, in what could be the Arab country’s biggest share sale this year.

Initial public offerings (IPOs) by Orascom Construction and Edita Food Industries have raised 1.41 billion pounds and 2.01 billion pounds respectively, according to Bloomberg data.

The sale would require the approval of existing shareholders.

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