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FINANCIAL NEWS
Egypt’s Amer Group to split into 2 companies
24 Nov 2014
(MENAFN) Amer Group, the Egyptian real estate company, announced it is planning to split into two companies in the aim of creating more opportunities for its development business, Gulf Daily News reported.
The company, which owns hotels, restaurants and shopping malls, said that its plan is for the company to be divided into a development business called Amer Holding Group and a smaller company named Porto Holding.
According the to the dividing plan, Amer Holding Group would be responsible for all real estate and hotel investment services, as well as its restaurants and commercial centers.
Meanwhile, Porto Holding is going to be responsible for the company’s ‘Porto'” projects, which include several resorts and spas in the Red Sea area of Ain Sokhna.
“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,”” Amer Group Chairman said.
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