Emaar Misr sees Egypt Bourse Listing July 5

Emaar Misr, the Egyptian arm of Dubai real estate developer Emaar Properties, said on Tuesday that it expects to obtain approval to list its shares later this week.

In a statement, the company said listing approval from the Egyptian Stock Exchange is expected on Thursday with trading of the shares set to start on or around Sunday July 5.

Last week, the company said the second tranche of its initial public offering was oversubscribed by about 36 times.

Emaar’s listing is expected to be the largest flotation on the Cairo exchange since 2007.

In a statement to the Cairo bourse, Emaar Misr said it drew subscriptions for 3.23 billion shares, after offering 90 million shares last week in the second tranche of its IPO.

Emaar Misr is floating 12.99 percent of the company, amounting to 600 million shares. Of these, 510 million have been allocated to institutional investors. That tranche was 11 times oversubscribed, Dubai-listed Emaar had said.

Source: Arabian Business