Two senior executives at Emaar’s Egyptian unit have resigned as the developer’s much anticipated IPO failed to meet investor expectations.
Walid El Hindi, the chief development officer, and Ahmed Fathallah, chief investment officer, have resigned to “pursue new opportunities”, said the Cairo-based Emaar Misr yesterday.
Mr El Hindi left on last Thursday, while Mr Fathallah’s last day is tomorrow.
Emaar Misr, which is majority owned by Emaar Properties, sold 13 per cent of its shares in a 2.28 billion Egyptian pound (Dh1.1bn) initial public offering in June. It was the biggest IPO in Egypt since the real estate developer Talaat Moustafa Group’s offering in 2007.
Emaar Misr’s offer price of 3.8 pounds a share was below the price range announced in May. The stock fell 2.2 per cent to 3.42 pounds yesterday.
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