Emaar Egypt to file complaint against Case

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CAIRO: Emaar Egypt plans to file a complaint with the main authorities in Egypt about the decision by the Cairo and Alexandria Stock Exchange (Case) to list the company s shares in the non-official rolls, according to Laila Shaker, spokeswoman of Emaar Egypt. The decision was based on claims that the company failed to submit financial statements on a year of performance.

In a statement released Monday, Shaker said her company s shareholders meeting approved the balance sheet, which showed net profits of LE 3 million from actual operation. The company was set up in March 2005 with a capital of LE 377.3 million.

Listing rules of the Egyptian stock market require that at least 1 percent of the company s profits should result from actual handling of business.

The stock market s refusal to list shares of Emaar Egypt will impact on the deal over selling the stake of Artoc Group – the Egyptian partner in Emaar Egypt – to the UAE company. The deal was due for conclusion on March 27 according to a framework agreement between both partners reached on March 12.

Disagreements between Emaar Properties and Artoc Group have resulted in the UAE company s proposal to purchase the stake of the Egyptian partners and gain control of the land plots owned by Emaar Egypt in Egypt.

The months-long disagreements urged Minister of Investment Mahmoud Mohieldin to warn both parties that the government may take measures to maintain national interest and protect the investment climate in case they have failed to settle their dispute.

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