Cairo – Mubasher: Emaar Misr for Development, a subsidiary of UAE-based Emaar Properties, on Wednesday announced it has spent EGP 2.123 billion of the capital increase proceeds of EGP 2.28 billion listed on 5 July 2015.
The property developer has invested around EGP 1.05 billion in Emaar Square, EGP 404.42 million in Mivida, EGP 324.99 million in Marassi Marina, and EGP 335.53 million in hospitality activities in Marassi, according to a statement to the Egyptian Exchange (EGX).
The remaining sum of the capital hike proceeds amounts to EGP 156.03 million, Emaar Misr indicated.
The company pointed out that Emaar Square will be offered in a bid soon, while both Mivida and Marassi Marina are still under construction.
Moreover, the EGX-listed real estate firm has upgraded the hospitality activities in the first hotel in Marassi, while the construction of the second hotel is still ongoing.
In July 2015, Emaar Misr had approved to raise the company’s authorised capital to EGP 10 billion from EGP 4.5 billion, in addition to raising issued capital by EGP 600 million to EGP 4.62 billion from EGP 4.02 billion.
The capital hike had been implemented through 600 million shares at a nominal value of EGP 1 and had been paid via public offering and private placement without giving the priority to majority shareholders.
Last Sunday, Emaar Misr reported a consolidated profit of EGP 3.4 billion for the full-year ended 31 December 2018, versus EGP 2.3 billion in 2017, including minority shareholders’ rights.
The company logged revenues of EGP 6.3 billion in 2018, up from EGP 4.5 million a year earlier.
Meanwhile, standalone profits rose to EGP 3.41 billion last year, versus EGP 2.3 billion in 2017.
