Emaar seeks to raise $354m from Egypt IPO

May 24, 2015 8:04 AM

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Emaar seeks to raise $354m from Egypt IPO

Cairo – Mubasher: Emaar Misr for Development, Egypt-based unit of UAE’s Emaar Properties, said it will float around 15% of its shares on the Egyptian Exchange, at a total value of nearly EGP 2.7 billion ($354 million).

The offer’s maximum price was set at EGP 4.49 per share, at a total number of shares not exceeding 600 million. The offering will be divided into two tranches; one for individuals and another for institutions, the company said in a press statement.

The IPO prospectus shows that the period of receiving subscriptions will run between 16-25 June.

The tranche for retail investors will comprise 90 million shares, or 15% of floated shares, while the tranche for institutional investors will comprise 510 million shares, or 85% of offered shares.

Emaar Misr said the IPO proceeds will go for funding its Emaar Square project in Up Town Cairo, as well as the international marina and other projects.

Source: english.mubasher.info

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