By Ahmed Allam

Cairo – Mubasher: A total of 487.3 million shares were placed for sale to a fund set up to support Emaar Misr for Development stock, according to OPR data on the Egyptian Exchange.

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.