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FRA greenlights Emaar Misr’s capital raise to acquire 2 development firms

FRA greenlights Emaar Misr’s capital raise to acquire 2 development firms
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Emaar Misr
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Cairo – Mubasher: The Financial Supervisory Authority (FRA) of Emaar Misr for Development approved the company’s request to raise its issued capital by EGP 3.19 billion.

The EGX-listed firm will acquire Albro North Coast for Developments and Skytower for Real Estate Development Company, according to a bourse disclosure.

The shareholders of Albro North Coast greenlighted Emaar Misr’s preliminary non-binding offer to acquire up to 75% of their ownership in the former via a share swap deal. 

Meanwhile, the listed company will acquire 25% of Skytower’s share capital in cash, with the possibility of owning the remaining 75% to reach 100% of the total share capital.

Accordingly, the two companies will receive the capital increase shares in the share capital of Emaar Misr.

In the first quarter (Q1) of 2024, the consolidated net profit after tax of Emaar Misr hiked to EGP 5.73 billion from EGP 2.22 billion in Q1-23.