Arab Finance: Albro North Coast for Development’s shareholders have approved the non-binding preliminary offer submitted by Emaar Misr for Development’s (EMFD) board to acquire up to a 75% stake in the former via a share swap, as per a filing.
In exchange, Albro North Coast’s shareholders will own extra shares in Emaar Misr’s capital.
Furthermore, Skytower for Real Estate Development Company’s shareholders have also thumped up to Emaar Misr’s non-binding preliminary offer 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.