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UAE Emaar’s Egypt unit said on Tuesday its board had recommended to shareholders that the developer offer 600 million shares on the Egyptian bourse to raise 2.8 billion Egyptian pounds ($366.97 million).
The subsidiary of Emaar Properties, Dubai’s largest real estate developer, said in a statement to the stock exchange it would price the shares at 4.70 Egyptian pounds each on the recommendation of accounting and advisory firm Grant Thornton.
Source: Reuters
