By: Ahmed Allam

Cairo – Mubasher: The public and private offerings of Emerald Real Estate Investment’s shares have been oversubscribed, raising about EGP 280 million, Hashem El-Sayed, CEO of the Egyptians for Housing and Development, which owns 50% of Emerald, said.

The private offering of Emerald has been covered by 1.25 times at a value of EGP 240 million, higher than the required amount of EGP 192 million, El-Sayed told Mubasher.

He added that the public offering has been covered by 3-4 times at a value of EGP 40 million, a dramatic increase from the required amount of EGP 10 million.

Previously, the Egyptian Financial Regulatory Authority (FRA) approved a request to publish the prospectus of the real estate investment firm which plans to float 28% of its shares on the EGْْX, representing 70 million shares at a total value of EGP 202.3 million.

The company's shares will be offered in two tranches: a public offering, representing 5% of the offered shares, and a private placement, making up 95% of the offered shares.

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.