Egypt's Emaar Misr says to list on Cairo bourse on July 5

Egypt's Emaar Misr for Development will now list on the Egyptian Exchange on or around July 5, it said in a statement on Tuesday.

The listing date is marginally later than what the developer previously expected, saying earlier this month it planned a listing on or around July 2.

Emaar Misr, the unit of Dubai's Emaar Properties which offered 12.99 per cent of its shares in an initial public offering, said on Tuesday it now expects to obtain approval from the bourse to list on July 2.

The share sale, which took place between June 4 and June 25, raised around 2.28 billion Egyptian pounds ($298.8 million).

On June 25, traders said the offering was oversubscribed by about 36 times for the retail portion and 11 times for institutional investors.