Cairo – Mubasher: MubasherTrade, a subsidiary of Mubasher Capital Holding for Financial Investments, will act as a broker of the private offering of 28% of shares of Emerald Real Estate Investment at a total value of EGP 202.3 million after the Financial Regulatory Authority (FRA) approved the prospectus of the private placement.

The private placement will be the first offering on the Egyptian Exchange (EGX) in 2020 in light of the recent economic reforms implemented by the Egyptian government, vice chairman of Mubasher Capital Holding for Financial Investments, Ehab Rashad, said in a statement on Sunday.

Emerald owns a portfolio of assets with a market capitalisation of over EGP 1 billion, including a mall in New Cairo, Rashad revealed.

The real estate investment firm plans to float 28% of its shares on the EGْْX, representing 70 million shares at a price of EGP 2.89 per apiece, totalling EGP 202.3 million.

Emerald is equally owned by Amwaj for Touristic and Real Estate Investment and the Egyptians for Housing and Development.

It is noteworthy that the listing committee of the EGX decided to list Emerald’s stock with an issued capital of EGP 250 million distributed over 250 million shares.