The start of receiving orders for the public offering of “Emerald Development” next Wednesday

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Mr.: 72 million pounds, the total subscriptions for the private placement

Hashem El-Sayed, CEO of the Egyptian Real Estate Investment Fund, revealed that the private offering of Emerald Development Company was covered twice, and “Oden Capital” – the offering manager – received subscriptions worth 72 million pounds.

Al-Sayed told the “Boursa” that the private offering was attended by 5 funds affiliated with unions, in addition to 25 other entities distributed among solvent individual investors and financial institutions.

He pointed out that the allocation process for the two offices has been completed, and tomorrow, Wednesday, the receipt of subscription orders for the public offering tranche will begin.

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 by 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 the authorized 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 financial advisor, and Baker Tilly is an auditor, while Sigma will act as the selling party’s broker.

The article was written in Al Borsa newspaper, to start receiving public subscription orders for “Emerald Development” next Wednesday.