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Sun 2 Aug 2015 07:06 PM

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Egypt's Emaar Misr says two senior executives quit the property developer

CEO and CIO leave after disappointing flotation on Cairo's bourse

Egypt's Emaar Misr says two senior executives quit the property developer

Two senior executives at Egypt's Emaar Misr have resigned, the property developer said on Sunday, several weeks after its disappointing flotation on Cairo's bourse.

Chief Development Officer Walid El Hindi and Chief Investment Officer Ahmed Fathallah are leaving "to pursue new opportunities", Emaar Misr said in an emailed statement.

Hindi left the firm on July 30, while Fathallah's resignation is effective August 4.

Emaar Misr, a unit of Dubai's Emaar Properties, sold about 13 percent of its shares in an initial public offering in June that was priced at 3.8 Egyptian pounds ($0.4853) per share. That price was substantially below what Emaar Misr had earlier indicated.

The stock was down 1.4 percent at 3.45 pounds at 0911 GMT, which is 9.2 percent below its flotation price.

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