Emerald Real Estate to float 28% stake on Egypt bourse mid-monh

Egypt’s Emerald Real Estate Investment will float 28 percent of its shares on the Egyptian stock exchange by mid-February, its chief executive said on Sunday.

Emerald seeks to sell 28 percent, representing 70 million shares, in a two-tranche share offering, Hashem El-Sayed told Amwal Al Ghad.

One tranche, representing a 5 percent stake, will be sold in a public offering, and the remainder sold in a private offering, El-Sayed said.

Emerald, part of Egyptians for Housing and Development, was established in 2009, having an issued capital of 1 billion Egyptian pounds ($63.3 million) and an issued and paid-up capital of 250 million pounds. It invests in commercial malls and administrative premises, according to its website.