Cairo – Mubasher: Emaar Misr for Development announced signing a partnership contract with Eagle Hills Egypt for Projects and Investment Management, acquiring 25% of Eagle Hills’ capital, according to a bourse statement on Sunday.
In June 2022, the ordinary general meeting (OGM) of Emaar Misr approved a partnership with Eagle Hills to develop a residential, tourist, and commercial project in the North Coast region.
To participate in the project, Emaar Misr had to either purchase a 25% stake in Eagle Hills at a nominal value of EGP 15.62 per share or sign a partnership and management contract to share in the project and profits with 25%.
It is worthy to mention that during the first half (H1) of 2022, the consolidated net earnings of Emaar Misr surged by 131.55% on an annual basis to EGP 3.08 billion, including minority shareholders’ rights.
