Emaar Misr’s EGM OKs acquiring stakes in Albro North Coast, Skytower
Updated 7/21/2024 11:21:00 AM
Arab Finance: Emaar Misr for Development’s extraordinary general meeting (EGM) has approved the proposal submitted by the board to fully acquire Albro North Coast for Development via a share swap, as per a statement on July 21st.
Accordingly, Emaar Misr will acquire a 75% stake in Albro North Coast for Development, bringing up its stake to 100%.
In exchange, Albro North Coast’s shareholders will own extra shares in Emaar Misr’s capital.
The shares will be determined according to the fair value set by an independent financial advisor.
Furthermore, the EGM has given its nod to the board’s proposal to acquire a 25% stake of total share capital in Skytower for Real Estate Development Company in cash.
This is in addition to acquiring the remaining 75% of Skytower’s share capital, bringing up Emaar Misr’s share capital in Skytower to 100%.
In exchange, Skytower’s shareholders will hold extra shares in Emaar Misr’s capital.
The EGM has also greenlit raising the issued capital by issuing up to 3.194 billion shares.
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