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Emaar Misr First Day of Trading on EGX

Emaar Misr: First Day of Trading on EGX

Cairo, Egypt; 5 July 2015: Emaar Misr for Development SAE (“Emaar Misr” or “the Company”) is pleased to announce that the Company’s Ordinary shares will be admitted to trading on the Egyptian Stock Exchange (EGX) at 10.00am today. Emaar Misr will trade under the ticker EMFD.CA. 

Emaar Misr Ordinary Shares were priced on 18 June 2015 at EGP 3.80, giving a market capitalization for the Company, on listing, of approximately EGP 17.6 billion (US$ 2.3 billion) and making it one of the largest publicly listed companies in the country by market capitalization. The order book was more than 11x oversubscribed for the Institutional tranche and 36x oversubscribed for the Public tranche.

The offering raised approximately US$300 million in gross proceeds. As announced earlier, Emaar Misr intends to use the proceeds from the offering to further the development of its commercial properties in its flagship development Emaar Square, Mivida Downtown, and the Marina in Marassi, in addition to growing the Company's landbank and funding the pre-launch expenditure of Cairo Gate.

Emaar Misr is a leading developer of premium lifestyle communities in Egypt. It is a majority owned subsidiary of Emaar Properties PJSC, a publicly listed real estate company based in the United Arab Emirates. Emaar Misr’s landbank of 15.4 million square meters is distributed among four prime locations strategically located in East, West and Central Cairo as well as Egypt’s Mediterranean coast. Emaar Misr has recorded EGP 23.9 billion of cumulative net sales as of March 31, 2015, revenue of EGP 2.6 billion in 2014 and gross profit margin of 29.8% in 2014. 

Mohamed Alabbar, Chairman of Emaar Misr, said: 
“The Emaar Misr IPO has truly set a benchmark for the Egyptian Stock Exchange due to its outstanding success in encouraging foreign investment into the country. The overwhelming response from international investors highlights confidence in Egypt and the country’s significant potential for growth. We are honoured to have played an important role in stimulating foreign investments in Egypt.

“The extraordinary vote of confidence by international investors in Egypt and Emaar Misr further deepens our commitment to the country, and our desire to deliver truly world-class projects that add consistent value to stakeholders. As a key growth partner for Egypt, we will focus all our energy into creating dynamic developments that promote social and economic growth across the nation.”

EFG Hermes and J.P. Morgan acted as the Joint Global Coordinators and Joint Bookrunners for the IPO with Emirates Financial Services PSC acting as the Lead Manager for the IPO.

Emaar Misr
Emaar Misr commenced operations in 2005 and has, as of March 2015, invested EGP 13.3 billion (US$ 1.8 billion) into the development of the project and the cost of sales. A further EGP 65.1 billion (US$ 8.3 billion) is due to be invested to complete all the projects, bringing the total committed investment by Emaar Misr into Egypt to approximately EGP 78.5 billion (US$ 10 billion). The Company is also highly invested in nurturing local talent and promoting the local economy, employing 426 people of whom the majority are Egyptian. 

With a land bank of 15.4 million square meters, distributed among four prime locations strategically in East, West and Central Cairo as well as Egypt’s Mediterranean coast, Emaar Misr plans to use to the net proceeds raised from the IPO, as well as its existing cash reserves, to further develop the commercial areas of its projects under development.

The current development portfolio of Emaar Misr includes Uptown Cairo, a pioneering masterplannned community in Egypt which is designed to feature Emaar Square, a vibrant central hub. Marassi, a tourism-oriented lifestyle destination, and Mivida, which sets a new benchmark in residential development in the country, are Emaar Misr’s other projects. 

---ENDS---

For further information on Emaar Misr, please visit www.emaarmisr.com or contact:

Ahmed Fathallah
Chief Investment Office & Head of IR
Tel: +201200000669
Ir-emaarmisr@emaar.ae 

Brunswick Group
Heather Salmond / Jade Mamarbachi
Tel: +971 4 446 6270
emaarmisr@brunswickgroup.com 

IMPORTANT DISCLAIMER
This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever. The IPO and the distribution of this announcement and other information in connection with the IPO in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. 
In particular, this announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States, Australia, Canada or Japan, or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The Shares will be offered and sold only outside the United States in offshore transactions in reliance on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), to institutional investors in a number of countries, including Egypt, and in the United States only to “qualified institutional buyers” as defined in Rule 144A under the Securities Act, in reliance on Rule 144A or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The offer and sale of the Shares has not been and will not be registered the applicable securities laws of the United States, Australia, Canada or Japan. There will be no public offer of the Shares in the United States. 
This announcement has been prepared on the basis that any offers of the Shares in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of the Shares. Accordingly any person making or intending to make any offer of the Shares within the EEA which are the subject of the IPO may only do so in circumstances in which no obligation arises for Emaar Misr or any of the Managers to publish an offering memorandum pursuant to Article 3 of the Prospectus Directive or supplement an offering memorandum pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. Neither Emaar Misr nor the Managers have authorised, nor do they authorise, the making of any offer of Shares in which an obligation arises for Emaar Misr or the Managers to publish or supplement an offering memorandum for such offer. The expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive), and includes any relevant implementing measure in the Member State, and the expression 2010 PD Amending Directive means Directive 2010/73/EU.
None of Emaar Misr, the Managers or any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to Emaar Misr or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. 
This announcement contains "forward looking" statements, beliefs or opinions’, including statements with respect to the business, financial condition, results of operations, liquidity, prospects, growth, strategy and plans of Emaar Misr, and the industry in which Emaar Misr operates. These forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Emaar Misr's control and all of which are based on the directors' current beliefs and expectations about future events. Forward looking statements are sometimes identified by the use of forward looking terminology such as "believes", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positioned" or "anticipates" or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts. Forward looking statements may and often do differ materially from actual results. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the directors or Emaar Misr with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Emaar Misr 's business, concerning, amongst other things, the results of operations, financial condition, prospects, growth and strategies of Emaar Misr and the industry in which it operates.
These forward looking statements and other statements contained in this announcement regarding matters that are not historical facts involve predictions. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing Emaar Misr. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward looking statements. The forward looking statements contained in this announcement speak only as of the date of this document. Emaar Misr and the Managers expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

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