Cairo – Mubasher: Shareholders of Emaar Misr, the Egyptian arm of Dubai developer Emaar Properties, approved the appointment of Mohamed Alabbar as non-executive chairman.

Alabbar was earlier re-elected by shareholders to continue as chairman of Emaar Properties.

Meanwhile, Emaar Misr's shareholders gave a nod to sealing compensation contracts with Emaar Properties and other related parties.

In February, Emaar Misr filed a formal request to float shares on the Egyptian Exchange (EGX).

Emaar Misr's IPO value will stand at nearly EGP 2 billion and will be the largest IPO on the EGX since Talaat Moustafa Holding’s flotation in 2007.

The firm is capitalised at EGP 4.019 billion shares, distributed across 401.933 billion shares at EGP 1 par value each (after stock split).