Shareholders of Emaar Misr, the UAE real estate developer Emaar Properties’ Egyptian arm, approved Mohammed al-Abbar as a non-executive chairman, the company said in a Tuesday statement to the Egyptian bourse.
Abbar was re-elected by shareholders to retain his post as Chairman of Emaar Properties. Meanwhile, the General Assembly of Emaar Misr also approved to seal compensation contracts with Emaar Properties and other related sides.
On Sunday, Emaar Misr announced a 462% increase in profits in the first quarter of 2015. Net profits recorded EGP 172.7 million in Q1 compared to EGP 30.7 million in net profits in the corresponding quarter in 2014.
In early April, the company announced it was considering making amendments in the company’s leadership. It added that it may change the chairman position currently incumbent by Mohamed Alabbar, adding that a meeting on 20 April will discuss the move.
In February 2015, the Egyptian Exchange (EGX) announced that Emaar Misr formally requested listing its shares on the stock market. The initial public offering was approved to the company, whose capital amounts to EGP 878.34m, to be distributed on 87.834m shares, with each share to be worth EGP 10.