Share price continues to struggle
- Chief development officer and chief investment officer resign
- Emaar Misrs listing on the Egyptian Exchange slightly disappointed initial estimates
- Developer offered to buy back shares to stabilise the share price in early July
Emaar Misr announced that Walid al-Hindi, the firms chief development officer, resigned on 30 July, while chief investment officer Ahmed Fathallahs resignation will be effective from 4 August.
Emaar Misr listed on the Egyptian Exchange (EGX) in June, valued at £E17.6bn ($3.2bn). It raised £E2.28bn, slightly disappointing initial estimates.
Since then, the share price has fallen to £E3.5, 7.9 per cent below its listing price of £E3.8.
Emaar Misr offered to buy back 90 million shares, out of the 600 milion issued, to stabilise the share price in early July, according to the state-run MENA news agency. It also announced that its first-half sales were up 20 per cent on the same period in 2014, to £E3.91bn.
The EGX 30 index, the main indicator, has fallen 6.8 per cent over the past 3 months.
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