Emaar Misr seeks to raise $367 million in Egypt IPO

UAE Emaar’s Egypt unit said on Tuesday its board had recommended to shareholders that the developer offer 600 million shares on the Egyptian bourse to raise 2.8 billion Egyptian pounds ($366.97 million).

The subsidiary of Emaar Properties, Dubai’s largest real estate developer, said in a statement to the stock exchange it would price the shares at 4.70 Egyptian pounds each on the recommendation of accounting and advisory firm Grant Thornton.

Source: Reuters