Cairo – Mubasher: The Egyptian Exchange announced Tuesday executing a buy transaction for 90 million shares in Emaar Misr for Development at EGP 3.8 each.

The stock market’s OPR data earlier showed that a total of 487.3 million shares were placed for sale to a fund set up to support Emaar Misr stock.

The fund 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.