Emaar Misr, a joint-venture with Dubai-based Emaar Properties, said on Monday it would be appealing against an Egyptian stock exchange decision to prevent it from listing.
The stock exchange has not allowed Emaar Misr for Development Co. to list on the grounds that it failed to submit financial results on the company’s activities for one year, spokesperson Laila Shaker said in a statement.
But Emaar Misr has provided the financial results requested by the stock exchange and it will be appealing against the decision, Shaker told Reuters.
The Egyptian company said the unexpected development would mean restructuring negotiations with its partners would continue, delaying Emaar Properties’ buyout of the company due on March 27.
Emaar Properties, which has a 40% stake in Emaar Misr, said on March 13 it had signed a deal to buy all of its joint venture in Egypt from its partners, which include Artoc Group for Investment and Development.
Emaar Misr (Egypt) is developing residential, commercial and tourist projects in Cairo and on the Mediterranean coast at a cost of $5.74 billion.
Follow us on
