(Photo courtesy of Emaar Misr)
Emaar Misr announced its plans to offer 600m shares, around 13% of the company’s capital, at a price ranging between EGP 3.5 and EGP 4.25 per share. Around 15% of the company’s offered shares, 90m shares, will be on the Egyptian stock market (EGX).
In February 2015, the EGX announced that Emaar Misr formally requested listing its shares on the stock market.
For the remaining 85%, the company will have a private offering for eligible institutions, including Egyptian ones.
The valued proceeds from the shares offered with the announced price will amount to EGP 2.3bn.
During the first quarter (Q1) of 2015, the construction company recorded a 462% increase in profits, with its net profits totalling EGP 172.7m. During the same quarter last year, the company’s profits amounted to EGP 30.7m.
Emaar Properties announced in February that it registered $912m in profits in 2014, a 30% increase compared to the $699m profits recorded the year before. The company said that around 54% of its total revenues came from shopping malls, retail and hospitality businesses.
“Net operating profit for Q4 2014 is AED 861m ($234m), 14% higher than the previous quarter at AED 758m ($206m),” the real estate company said.
