Cairo – Mubasher: The private placement of Emerald Real Estate Investment has been oversubscribed by 134%, the offering’s lead manager Odin Investments said.

Investors have placed orders for 89.11 million shares from a total allocated 66.5 million shares at EGP 2.89 per share, according to a statement to the Egyptian Exchange (EGX) on Monday.

As for the public offering, investors have placed orders for 61.97 million shares at EGP 2.89 per share from a total allocated 3.5 million shares, leading to an oversubscription of 17.7 times.

In January, 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.

For the full-year 2019, the property firm’s net profits increased to EGP 26.15 million from EGP 17.62 million in 2018.