JPMorgan, EFG-Hermes said to be working on Emaar’s Egypt IPO

Emaar Properties PJSC (EMAAR) is hiring JPMorgan Chase & Co. (JPM) and EFG-Hermes Holding SAE to sell shares in its Egyptian business, two people with knowledge of the matter said.

Engagement letters are due to be signed with the banks this week to run the initial public offering of Emaar Misr, the people said, asking not to be identified as the information is private. The IPO is scheduled for the second quarter of 2015.

Emaar, the U.A.E. developer that raised $1.6 billion from an initial public offering of its malls unit in September, will probably sell the unit in June next year, Chairman Mohamed Alabbar said at a conference in Dubai on Oct. 2. The developer also plans to sell shares in its hotel business, Alabbar has said separately.

“Emaar is exploring the potential of listing our subsidiary in Egypt, Emaar Misr, by mid-2015. We will confirm the appointment of financial services firms and lead banks when they are finalized and at the appropriate time,” the company said in an e-mailed statement.

Shares in Emaar closed unchanged at 10.40 dirhams in Dubai today.