Egypt's Amer Group to become two companies

Egyptian real estate developer Amer Group will split into Amer Holding and Porto Holding, the company's board of directors announced in a press release to the Egyptian stock exchange on Sunday.

“Amer Group has managed to prove its existence with its Porto projects. Their success and maturity necessitate that the Porto projects turn into a standalone company so people can see their actual value,” Mansour Amer, chairman of the group, said at a press conference on Sunday.

The new companies will each 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 the move, said Amer.

The companies will split their assets and obligations based on the existing value of the company balance sheets at the date of the split.