Cairo – Mubasher: The Egyptian Exchange (EGX) said Sunday it transferred 90 million shares in Emaar Misr for Development at EGP 3.8 each to the company’s treasury shares.
The move came within the framework of liquidating a fund previously set up to support the company’s share after flotation.
Earlier in August, EGX announced executing a buy transaction for 90 million shares in Emaar Misr for Development at EGP 3.8 each, for the interest of a fund set up to support the stock.
The fund was launched to support Emaar Misr stock through intervening to maintain the stock price by means of buying around 90 million shares, or 15% of the floated amount at EGP 3.8 each.
Emaar Misr for Development is the Egypt-based subsidiary of UAE’s property firm Emaar. It began trading on Cairo bourse at EGP 3.71 per share, which is below the offering price.
The company offered 600 million shares worth EGP 2.3 billion in both public and institutional tranches. The offering represents approximately13% of the company’s post-IPO capital.
