Emaar Misr, the Egyptian arm of Dubai’s largest listed real estate developer, is likely to start its trading debut on Egypt’s stock market within two months, the bourse chief said on Monday.
The Egyptian Exchange (EGX)’s chairman Mohamed Omran stated, in an interview for “60 Minutes” programme with Dina Abdel Fattah at Radio Misr channel, that Emaar Misr would issue shares worth 2 billion Egyptian pounds (US$262.1 million).
“The Egyptian bourse has managed to list six companies in the first quarter of this year, with capitals worth 4 billion pounds, four times higher than years of 2011, 2012, 2013, and 2014.”
Last February, Emaar Misr filed a formal request to list its shares on the Egyptian stock market.
Emaar Misr, which has capital of 878 million Egyptian pounds, is a significant foreign investor in Egypt’s real estate sector.
Emaar Misr is being advised by EFG Hermes and JP Morgan.