Private offering of Emerald oversubscribed 134%

CAIRO - 24 February 2020: The private offering of Emerald Real Estate Investment is oversubscribed by 134 percent at LE 2.89 per share, the offering’s lead manager Odin Investments said Monday.

The Company clarified in a filing to the Egyptian Exchange (EGX) that orders reached 89.11 million shares, exceeding the the allocated total number of the offering which is 66.5 million shares.

As for the public offering, it was oversubscribed 17.7 times through registering orders for 61.97 million shares at LE 2.89 per share from a total allocated 3.5 million shares.

In January, the listing committee of the EGX decided to list Emerald’s stock with an issued capital of LE 250 million distributed over 250 million shares.

Earlier, CEO of the Egyptian Real Estate Investment Company, which owns 50-percent of Emerald Real Estate Investment shares, said that the public and private offerings were covered more than required (raising about LE 280 million).

Emerald Real Estate Investment recorded a 28.3 percent increase in its annual profits during 2019, recording LE 26.15 million, compared to LE 17.62 million in 2018.

Emerald Real for Estate Investment is a private company operating within the real estate sector.