Cairo – Mubasher: The private placement of Emerald Development & Projects Management has been oversubscribed by 190%.

The offering included the allocation of 29.25 million shares at a price of EGP 1.28 apiece, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.  

Excess subscription amounts will be refunded to subscribers through respective brokerage firms. 

In September, the Financial Regulatory Authority (FRA) approved the publication of Emerald Development & Projects Management's prospectus to float 45 million shares, representing a 10.59% stake, at a price of EGP 1.28 apiece.