UAE’s Emaar to float in Egypt’s stock market at 3.8 pounds per share

The Dubai-based property developer Emaar announced on Thursday it will issue up to 600 million shares of its Egypt subsidiary Emaar Misr in Egypt's stock market, setting its offer price at 3.8 Egyptian pounds per share.

The property developer said in a statement to the Dubai Financial Market that at listing, Emaar Misr's market capitalisation will be approximately 17.6 billion pounds ($2.3 billion).

Emaar announced in May its intention to float 12.99 percent of Emaar Misr in Egypt's stock market. The Dubai-based Emaar will meanwhile retain its current holdings in Emmar Misr, representing 87.01 percent of the subsidiary.

The stock offering will include a public offering to retail investors in Egypt as well as a private placement to institutional investments in Egypt and other countries.

Emaar has begun offering a maximum of 90 million of its shares to retail investors on Tuesday, it said in its statement. The Egyptian public offering is due to run until June 25, next week.