EGX welcomes Emerald Real Estate Investment on its main platform
Posted: Friday, 28 Feb 2020
The Egyptian Exchange’s (EGX) platform welcomed today listing of Emerald Real Estate Investment with the code RMDA.CA on EGX’s main platform. Trading on Emerald Real Estate commenced with a ringing of bell ceremony celebrating the company number 216 on EGX’s main market in the presence of the company’s top management, EGX’s chairman Mohamed Farid Saleh and EGX management.
Public and private offering covered 70 Million shares representing 28% of company’s total shares with a price of EGP2.89/share and with a total value of EGP202.3 million; EGP 192.2 Million private placement and EGP10.1 Million public.
The IPO resulted in allocating 3.5 million shares representing 5% of the total shares offered while the private placement allocated 66.5 million shares representing 95%.
The private placement was oversubscribed by 1.3 times and the IPO by 17.7 times.
Mohamed Farid Saleh, Executive Chairman, The Egyptian Exchange (EGX) said that EGX is continuously thriving to provide all forms of support and advise to potential companies with solid growth plan seeking the stock market as their mean of financing. In his speech, Farid encouraged companies with promising growth plan to consider listing as one of their tools of financing to inject more investments and open new markets, adding that EGX is working to improve the trading platform and abridge procedures of listing to enhance liquidity and raise the efficiency and depth of Egypt's financial market.
Emad Ibrahim, Managing Director, Emerald Real Estate Investment, expressed his pride in the result of the IPO stating that it is a fundamental achievement in the company's growth process. He also expressed his appreciation of the efforts of his colleagues for the successful offering.
Hashim Al Sayed, CEO, Emerald Real Estate Investment, said that listing on EGX came after EGX’s initiative, where they held several meetings with us to explain all the procedures and rules related to listing on EGX.