Emaar Misr for Development SAE, an Egyptian subsidiary of Emaar Properties PJSC, said last week that it plans to launch an initial public offering and apply for admission of Emaar Misr’s ordinary shares for listing and trading on the Egyptian
Stock Exchange.
The new offering will include a private placement for institutional investors in several countries, including Egypt, as well as a public offering for retail investors located in Egypt. The profits from the offering, as well as current cash resources, will fund the subsidiary’s nonresidential real estate developments.
One of these projects is the Emaar Square, located in Uptown Cairo. Others include the planned international marina and hotels within the Marassi project and the downtown area’s Mivida project, which includes office and retail space.
Another portion of the funds will be used for pre-launch costs and expenditures that are needed to fully develop Cairo Gate. The money will help the subsidiary acquire land plots that meet the specifications of Emaar Misr’s investment criteria.
“The (initial public offering) of our subsidiary Emaar Misr marks a significant development for this pioneering business in Egypt and represents an attractive opportunity for prospective investors to invest in one of the largest and fastest-growing real estate markets in the Middle East and North Africa,”
Emaar Properties Chairman Mohamed Alabbar said. “The injection of new capital will allow Emaar Misr to continue to pursue new growth opportunities and further progress its landmark developments. We are committed to achieving sustainable growth for our businesses and delivering value to all of our shareholders.
“Emaar Misr has become a leading developer of premium lifestyle communities in Egypt in a short period of time and is currently well positioned for continued shareholder value growth with a unique portfolio of projects,” Alabbar said. “The track record of success creates a platform for future achievements for Emaar Misr, and we look forward to witnessing and continuing to play a role in this journey.”
