By Ahmed Allam:

Cairo – Mubasher: A total of 21.28 million shares in Emaar Misr for Development were placed for selling, in a bid by investors to prop up the company’s stock, according to OPR data on the Egyptian Exchange.

A fund was launched to support Emaar Misr stock through intervening to maintain the stock price by means of buying around 90 million shares, or 15% of the floated amount at EGP 3.8 each.

Emaar Misr for Development is the Egypt-based subsidiary of UAE’s property firm Emaar. It began trading on Cairo bourse at EGP 3.71 per share, which is below the offering price.

The company offered 600 million shares worth EGP 2.3 billion in both public and institutional tranches. The offering represents approximately13% of the company’s post-IPO capital.

Emaar Misr stock fell on Wednesday by 0.86% to EGP 3.46, after more than 3 million shares were exchanged in 542 transactions at a turnover exceeding EGP 10.4 million.