Egyptian Exchange agrees on Emaar Misr's capital increase

The Egyptian Exchange has agreed on the capital increase of Egypt's Emaar Misr for Development by EGP 600 million to reach EGP 4.6 billion, EGX Chairman Mohamed Omran said.

The subscription of Emaar Misr shares will add more than EGP 17.5 billion to the market capital of EGX, Omran told MENA on Thursday.

The trading of Emaar shares is expected to start on Sunday, he said.

Emaar Misr, the unit of Dubai's Emaar Properties, which offered 12.99% of its shares in an initial public offering between June 4 and June 25, raised around EGP 2.28 billion.

On June 25, traders said the offering was oversubscribed by about 36 times for the retail portion and 11 times for institutional investors.