Emaar is eyeing up a complete takeover of Albro North Coast: Emaar Misr will submit a non-binding preliminary offer to Albro North Coast for Developments’ shareholders to acquire up to 75% of their stake in the company via a share swap after its board approved the move, the company said in an EGX disclosure (pdf). The transaction would give Emaar Misr — which currently holds a 25% stake in Albro — full ownership of the company.

Emaar also wants a slice of Skytower: Emaar Misr will also submit a non-binding preliminary offer to purchase a 25% stake in Skytower for Real Estate Development in an all-cash transaction after its board greenlit the move.

Full ownership ahead? Emaar Misr could acquire the remaining 75% of Skytower through a share swap.

It’s all very early stages: Both offers are preliminary and non-binding, meaning they can be scrapped at any stage if the participating parties fail to reach an agreement. The swap ratio on both transactions will be determined following the fair value studies to be conducted by an independent financial advisor.

Market reax: Emaar Misr’s shares gained 13.8% during trading yesterday to close at EGP 5.28 following the announcement.

What’s next? If the offers are approved by the selling parties, Emaar Misr will press ahead with the legal procedures needed to carry out the acquisitions.

What does Emaar want with Albro and Skytower? Emaar has been in talks with the Egyptian government to buy high-rises along the North Coast in the New Alamein, founder and chairman Mohamed Alabbar said in October.

Tags: