Emerald Real Estate Investment to list a stake on EGX
IPO WATCH- Odin Investments seeks to IPO subsidiary on EGX: Real estate investment firm Emerald is seeking approval from the Financial Regulatory Authority (FRA) to offer an undisclosed stake on the Egyptian Exchange (EGX), the company's major shareholder Odin Investments (which holds a 16% indirect stake in the company) said in a bourse disclosure (PDF). The statement noted that a fair value report has been submitted. No other detail on the expected size or timing of the listing was mentioned.
Who is Odin? Formerly known as The Egyptians Abroad Investment and Development, Odin Investments has recently obtained a license from the FRA to set up and manage investment funds and said it was planning to launch a logistics sector focused fund. The company operates investment banking, private equity, asset management, and venture capital departments under a regulation that enabled banks and several types of non-banking financial service firms to set up any type of investment fund apart from real estate independently or with local, regional, or international partners.