Cairo – Mubasher: Emaar Misr for Development unveiled that it spent around EGP 153.8 million, representing 6.7% of the proceeds of its earlier Initial Public Offering (IPO).
The company said it spent such amount over each of Emaar Square, Mivida, Uptown Cairo, Marassi and the hospitality activity at Marassi by EGP 76.4 million, EGP 29.68 million, EGP 36 million and EGP 11.7 million respectively.
The IPO’s total proceeds amounted to EGP 2.28 billion, while the remaining amount currently stands at EGP 2.126 billion
Initial public offering of Emaar Misr saw subscription to nearly 3.23 billion shares, or 36 times the total shares offered for individuals, which amount to 90 million shares or 15% of the floatation.
The company’s IPO started on 16 June and ran till 25 June, according to the prospectus.
Emaar’s stock debuted on the Egyptian Exchange under the ticker “EMFD.CA” on 2 July 2015.
