Emaar Properties PJSC’s Egyptian unit fell to the lowest level in three weeks after two senior officials resigned and half the shares sold in an initial public offering in June were offered back to the company.
Emaar Misr for Development SAE was down 1.5 percent at 3.37 Egyptian pounds as of 11:18 a.m. in Cairo, the lowest intraday level since July 13. Egypt’s benchmark EGX 30 Index fell 0.7 percent.
The luxury real estate developer said yesterday that its heads of investment and development quit to pursue new opportunities. Almost a month after raising 2.28 billion Egyptian pounds ($291 million) in the country’s biggest IPO since the 2011 Arab Spring, Emaar Misr traded Monday at as much as 13 percent below its IPO price. The company offered to buy as much as to 90 million shares at the offer price 0f 3.80 pounds.
Shareholders have until the end of Monday’s trading session to tender their shares in the buyback. If demand exceeds 342 million pounds, the stock will be bought back on a pro-rata basis. Holders of 300.6 million shares, or 50 percent of the IPO, accepted the offer as of yesterday, according to Cairo-based CI Capital. That’s up from 25 percent on Thursday.