Emaar Misr cleared by Egypt Bourse for Capital Top-up

The Egyptian Stock Exchange (EGX) gave the green light Wednesday for Emaar Misr to raise both its issued and authorised capital.

Emaar seeks to increase its issued capital from 4.01 billion to 4.61 billion Egyptian pounds (US$525-604 million), through offering 600 million shares at a fair value of 4.7 pounds (one pound par value, plus EGP 3.7 issuance allowance), for a total value of 2.8 billion pounds.

Meanwhile, the company prepares to increase its authorised capital from 4.5 billion to 10 billion pounds.

Emaar Misr filed a formal request in February to float shares on the EGX.

The value of Emaar Misr’s IPO is expected to be the largest on the Egyptian bourse since Talaat Moustafa Holding’s flotation in 2007.