Emaar Misr aims to raise $367m — statement

CAIRO: Egypt’s Emaar 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 (Dh1.35 billion, $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.