CAIRO: Egypt’s Emaar Misr, a subsidiary of the UAE’s Dubai-based developer Emaar Properties, said Tuesday that it expects to get approval to list on the Egyptian Exchange (EGX) Thursday, to debut trading on or around Sunday.
“The listing approval from the EGX is expected on Thursday, July 2, with trading of the shares set to kick off on or around Sunday, July 5,” Emaar Misr said in a press statement.
Last week, Emaar Misr announced that its second tranche of its initial public offering (IPO) was oversubscribed by about 36 times.
Emaar Misr is floating 12.99 percent of the company, amounting to 600 million shares. Of these, 510 million have been allocated to institutional investors. That tranche was 11 times oversubscribed, Dubai-listed Emaar said earlier this month, according to Rueters.
“Fresh IOPs in the market assure Arab and foreign investors that the EGX is still vital and dynamic. It is also a sign of the stock market’s stability regardless of any other external factors of limited impact on the market,” said Mohsen Adel, deputy head of the EG-Finance Association.
Such new flotations are expected to revive the market and restore the individuals who had to exit the market in the past few years, Adel told The Cairo Post perviously.