Egypt’s Amer to raise $200m this month

07 Nov 2010

(MENAFN) Chairman of Amer Group, an Egyptian real estate firm, announced that the company will launch an initial public offering (IPO) and private placement which is forecasted to raise $199.4 million by the end of November, Reuters reported.

Alaa Sabaa, chairman of Beltone Financial, explained that the private placement is expected to bring in $162.7 million, whereas the public share offer is expected to raise $38.5 million.

The private offer is between $0.45 and $0.63 per share, but the final value for the public offer will be revealed by the end of the current month, commented the chairman of Amer Group. The cash raised would be used to speed up the completion of the company’s various projects.

It is worth mentioning that Amer Group sells holiday homes on Egypt’s coasts and elsewhere, and also owns hotels, restaurants, malls, a catering firm, a utilities company and other businesses.

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