Emaar Properties Targets Q2 For $270m Egypt Unit Float

Dubai’s Emaar Properties will submit plans to float its Egyptian unit to the North African country’s regulator “within days” ahead of an initial share sale earmarked for the second quarter, two sources aware of the matter told Reuters.

The initial public offering (IPO) of a portion of Emaar Misr is expected to be worth in excess of 2 billion pounds ($270.3 million), making it the largest flotation on the Cairo bourse since 2007.

“Within a few days, Emaar Misr will offer the documents to the stock market. The IPO will be in the second quarter, God willing,” said one of the sources, who spoke to Reuters on condition of anonymity as the information isn’t public.

“You’re talking about a big launch, certainly over two billion pounds.”

A unit of Emaar Properties, the largest real estate developer in Dubai, Emaar Misr has a portfolio of investments in Egypt worth around 53 billion pounds, according to its website.