Egypt - The Financial Regulatory Authority (FRA) approved increasing Emaar Misr Development Company’s issued capital from EGP 4.52 billion to EGP 5.44 billion, according to a bourse filing.

The EGX-listed firm plans to raise its issued capital by EGP 917.59 million, with a nominal value of EGP 1 per share and a fair value of EGP 10.70 per share.

The capital increase amount will be fully allocated to Albro North Coast for Development’s shareholders, in exchange for raising Emaar Misr’s equity in Albro North from 25% to 100%. The transaction will be implemented through the exchange of 674.999 million shares of Albro North Coast’s shares.

On 2nd December, the Egyptian Competition Authority (ECA) greenlighted Emaar Misr’s request to acquire 74.9999997% of the shares in Albro North.

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