EGYPT’S AMER GROUP TO SPLIT INTO TWO COM­PA­NIES

Ekaruna - - News Round Up -

Egyp­tian real es­tate devel­oper Amer Group will split into two units to max­i­mize de­vel­op­ment op­por­tu­ni­ties, the com­pany said in a state­ment. The com­pany would be di­vided into a de­vel­op­ment busi­ness named Amer Hold­ing group and a smaller unit called Porto Hold­ing. Each unit will hold the same num­ber of shares but at dif­fer­ent val­ues, es­ti­mated at two thirds for Amer Hold­ing and a third for Porto Hold­ing. The Egyp­tian Fi­nan­cial Su­per­vi­sory Au­thor­ity has al­ready ap­proved of the move, ac­cord­ing to the com­pany’s chair­man Amer Man­sour. Porto Hold­ing will man­age all of the com­pany’s “Porto” projects in Morocco, Syria and Egypt in­clud­ing sev­eral re­sorts and spas in the Ain Sokhna area on the Red Sea, while Amer Hold­ing Group would be re­spon­si­ble for the ex­pan­sion of ex­ist­ing oper­a­tions in restau­rants, ed­u­ca­tion, healthcare, hos­pi­tal­ity and malls. The Egyp­tian Fi­nan­cial Su­per­vi­sory Au­thor­ity has al­ready ap­proved of the move, ac­cord­ing to the com­pany’s chair­man Amer Man­sour. Porto Hold­ing will man­age all of the com­pany’s “Porto” projects in Morocco, Syria and Egypt in­clud­ing sev­eral re­sorts and spas in the Ain Sokhna area on the Red Sea, while Amer Hold­ing Group would be re­spon­si­ble for the ex­pan­sion of ex­ist­ing oper­a­tions in restau­rants, ed­u­ca­tion, healthcare, hos­pi­tal­ity and malls.

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