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Wednesday, 18 December 2019

Egyptian real estate investment firm Emerald to IPO around mid-January

IPO WATCH- Emerald to offer 28% stake in January IPO: Real estate investment firm Emerald is planning to sell 28% of its shares on the EGْْX in the middle of January 2020, CEO of Egyptians Real Estate Fund Hashem El Sayed said, according to Al Mal. The company will offer as much as 95% of the stake to institutional investors that have already been approached by the lead manager, Odin Investments. The IPO will see existing shareholders exiting the company rather than new Emerald shares listing on the bourse. The company has not said how much it is expecting to raise from the sale.

Background: Odin Investments — which holds a 16% indirect stake in Emerald through its stake in the Egyptians Real Estate Fund, which in turn controls 50% of Emerald — announced plans to offer an undisclosed stake on the EGX last month and that a fair value report had been submitted. The company is seeking regulatory approval to list on the EGX ahead of the offering.

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