Emaar Misr Development Company said that the company’s extraordinary general assembly, scheduled to be held on July 18, 2024, will discuss the Board of Directors’ proposal regarding the acquisition of the entire capital shares of Alpro North Coast Real Estate Property Management Company.

 

The company added in a statement to the Egyptian Stock Exchange today, that this is through a share exchange through which Emaar Misr Development Company acquires a percentage of up to 75% to own up to 100% of the entire capital shares of the Pro North Coast Real Estate Property Management Company in exchange for the shareholders of the Pro North Coast Company obtaining To manage real estate properties on shares of an increase in the capital of Emaar Misr Development Company, after determining the exchange factor from an independent financial advisor registered in the Authority’s records.

 

She explained that the assembly will also discuss the proposal submitted by the Board of Directors regarding the cash acquisition of a percentage representing 25% of the capital shares of Sky Tower Real Estate Development Company and the authorization for the Board of Directors to acquire the 75% complementary to 100% of the total capital shares of Sky Tower Real Estate Development Company. Through an exchange, through Emaar Misr Development Company acquiring up to 100% of the entire capital shares of Sky Tower Real Estate Development Company in exchange for the shareholders of Sky Tower Real Estate Development Company obtaining increased shares in the capital of Emaar Misr Development Company, after determining the exchange factor from a consultant. An independent financial person registered in the Authority’s records.

 

The Assembly discusses the feasibility study, the reasons and justifications for increasing the capital, as well as the auditor’s report.

 

The Assembly also discusses the proposal submitted by the Board of Directors regarding increasing the company’s issued capital - by issuing a maximum number of 3.19 billion shares for the purpose of completing the acquisitions of Alpro North Coast Real Estate Management Company and Sky Tower Real Estate Development Company through a share exchange.

 

The assembly is discussing increasing the issued capital by issuing a maximum number of 3.19 billion shares, fully allocated to the shareholders of the companies subject to the acquisition according to the exchange factor determined by the independent financial advisor, without exercising the priority rights of the old shareholders to subscribe to the increase shares.

 

It is noteworthy that Emaar Misr Development achieved a net profit of 5.732 billion pounds during the period from January until the end of March 2024, compared to profits amounting to 2.226 billion pounds in the comparative period of 2023.