Emaar Misr’s Egypt unit aims to raise $367 mln

Egypt’s Emmar Misr said on Tuesday its board had recommended to shareholders that the developer offer 600 million shares

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Egypt’s Emmar Misr said on Tuesday its board had recommended to shareholders that the developer offer 600 million shares on the Cairo bourse to raise 2.8 billion Egyptian pounds ($366.97 million).

The subsidiary of Emaar Properties, Dubai’s largest real estate developer, said in a statement to the stock exchange it would price the shares at 4.70 Egyptian pounds each on the recommendation of accounting and advisory firm Grant Thornton.

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