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Emaar to float Egypt unit on local bourse

Emaar to float Egypt unit on local bourse
Photo Credit: Arabianeye - Reuters
Emaar Misr
EMFD
-0.36% 5.49 -0.02
Emaar
EMAAR
0.00% 8.19 0.00

Dubai – Mubasher: Emaar Misr for Development, the Egypt-based subsidiary of UAE’s property developer Emaar, announced its intention to launch an initial public offering (IPO) on the Egyptian bourse.

Proceeds from the share floatation will go towards financing outstanding projects, including the Emaar Square in Uptown Cairo project and the international marina and hotels in its Marassi project, the company added.

The company is currently finalising regulatory procedures and required approvals to carry out the share offering.

Emaar Properties will retain its current holdings in Emaar Misr, which is expected to represent a minimum of approximately 87% of Emaar Misr’s total post-offer share capital.

Mohamed Alabbar, chairman of Emaar Properties , said: "The IPO of our subsidiary Emaar Misr marks a significant development for this pioneering business in Egypt and represents an attractive opportunity for prospective investors to invest in one of the largest and fastest growing real estate markets in the Middle East and North Africa.”

The injection of new capital will allow Emaar Misr to continue to pursue new growth opportunities and further progress its landmark developments, the top official said, adding that his company is committed to achieving sustainable growth for its businesses and delivering value to all of its shareholders.