Emerald Developments receives subscriptions worth 70 million pounds on the first day of the private offering


Hashem El-Sayed, CEO of Oden Capital, director of the offering of Emerald Development Company, revealed that it received subscription requests estimated at 70 million pounds on the first day of the private offering, yesterday, Sunday.

El-Sayed, founder of the Egyptians Housing Fund, which owns 49.9% of Oden Development, told Al-Boursa that he expects to cover the private offering twice, explaining that Monday is the last day of the private offering, and that next Wednesday will witness the first day of the public offering and for a period of 5 working days. .

He pointed out that the private placement witnessed subscriptions from a number of funds affiliated with government unions, as well as a number of Saudi investors with solvency.

El-Sayed added that the proceeds of the offering will be used to strengthen the financial position of the Egyptian Fund for Housing and Development.

Emerald Development and Project Management Company seeks to offer 10.95% of its shares, with a maximum of 45 million shares, in the small and medium enterprises market at a price of 1.28 pounds per share, with a total of 425 million shares of the company.

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 the reduction of 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 Oden Capital plays the role of the offering manager and approved sponsor of the company’s listing on the Nile Stock Exchange, while Hosni Abdel Aziz’s office plays the role of 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 article “Emerald Developments” received subscriptions worth 70 million pounds on the first day of the private offering was written in Al Borsa newspaper.