CAIRO: Egyptian real estate company Amer Group plans to split into two companies in an attempt to create more opportunities for its development business and boost trading in its shares.
The company, which owns hotels, restaurants and shopping malls, said that it would be divided into a development business called Amer Holding Group and a smaller company named Porto Holding. “The goal of the division is to obtain the true value of the company’s shares in the market by shedding light on all activities in a clear manner,” Chairman Mansour Amer said.
He said that Amer Holding Group would be responsible for all real estate and hotel investment services, along with its restaurants and commercial centres, while Porto Holding would include all of the company’s “Porto” projects, which include several resorts and spas in the Ain Sokhna area on the Red Sea. Reuters
