Emaar Misr formally requests Egypt Bourse Listing

Emaar Misr, the Egyptian arm of Dubai’s largest listed real estate developer Emaar Properties , filed a formal request to list its shares on the stock market, Egypt’s bourse said in a statement on Wednesday.

The statement did not say how much the initial public offering would be worth, though two sources told Reuters in January that Emaar Misr would issue more than 2 billion Egyptian pounds ($262.30 million) worth of shares.

Emaar Misr, which the bourse statement said has capital of 878 million Egyptian pounds, is a significant foreign investor in Egypt’s real estate sector.

The last initial public offering on the Egyptian stock exchange was Arabian Cement in May 2014.

Emaar Misr is being advised by EFG Hermes and JP Morgan.

Source: Reuters