El-Sayed: The proceeds of the offering were directed to strengthening the financial position of the “Egyptian Housing” fund.
Emerald for Development and Project Management seeks to offer 10.95% of its shares, with a maximum of 45 million shares, in the SME market at a price of EGP 1.28 per share, with a total of 425 million shares of the company.
Hashem El-Sayed, CEO of the Egyptians Company for Housing and Development, expected that trading on the company’s shares would start in mid-October, after receiving public offering orders on October 14.
He stated that the company will start promoting locally today, Tuesday, to attract institutions to subscribe.
Al-Sayed added that the proceeds of the offering will be used to strengthen the financial position of the Egyptians Fund for Housing and Development.
The prospectus specified the first tranche of the private offering to sell 29.25 million shares to financial institutions and high net worth individuals, and this tranche represents up to 65% of the total shares allocated for the offering.
The offering process will see reducing the share of the Egyptians Fund for Housing and Development from 49.9% to 39.5%, while the company’s ownership structure is currently distributed at 50.002% to Emerald for Financial Investments, and 49.9% to the Egyptians Fund for Housing and Development, and other shareholders.
The public offering tranche represents about 15.75 million shares, and purchase orders are submitted by investors during the offering.
Odin Capital plays the role of the offering manager and the authorized sponsor of the company’s listing on the Nile Stock Exchange, while Hosni Abdel Aziz’s office will act as the legal advisor, Egy Trend is an independent advisor, and Baker Tilly is an auditor, while Sigma will act as the selling party’s broker.
The prospectus revealed the company’s plan to complete its “Emerald Residence” project during 2025, which is a project of administrative and commercial units.
It expected the project’s collections to reach 3.7 billion pounds within 7 years, while the estimated cost would reach 1.3 billion pounds.
The company aims to expand its ownership base and increase its market value, in addition to achieving an addition to its shareholders.
The article “Emerald Developments” is preparing to start trading on its shares in mid-October was written in Al Borsa newspaper.