Emaar Misr offers re-buying 90m shares
Egyptian Exchange
Cairo - MENA
Emaar Misr for Development SAE offered to buy back 90 million shares or 15% of the total shares it had offered in an initial public offering in the past two weeks and started their trading on Sunday.
The company offered to buy back the shares through a fund as the stock plummeted on its second trading day, an official at the Egyptian Exchange told MENA.
Emaar Misr, Egypt’s second-biggest publicly-traded real estate developer, has declined 6.6% since its debut after raising EGP 2.28 billion in the nation’s biggest initial public offering this year between June 4 and June 25.
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