Arab Finance: Emaar Misr for Development’s (EMFD) board has approved submitting a non-binding preliminary offer to Albro North Coast for Development’s shareholders to acquire up to a 75% stake in the company via a share swap, according to a filing.

This potential acquisition could bring up Emaar Misr’s stake in Albro North Coast to 100%.

In exchange, Albro North Coast’s shareholders will own extra shares in Emaar Misr’s capital.

The shares will be determined according to the fair value set by an independent financial advisor.

Moreover, the board has greenlit submitting a non-binding preliminary offer to Skytower for Real Estate Development Company’s shareholders to acquire a 25% stake of total share capital in cash.

This is in addition to the possibility of acquiring the remaining 75% of skytower’s share capital.

In exchange, skytower’s shareholders will hold extra shares in Emaar Misr’s capital.

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