Amer Group
AMER
AMER
By Ramy Sameeh:
Cairo-Mubasher: Egypt’s businessman Mansour Amer, Founder of Amer Group Holding, said the group is studying offers to foray into more Arab countries and launching Porto projects.
“We adopt an ambitious strategy of continuously expanding our footprint and looking for unconventional investment opportunities across countries with high economic growth rates,” said the top official in an exclusive interview with Mubasher.
The real estate group said earlier that it was planning to introduce its Porto brand in all continents over the coming five years.
“Demand for our Porto projects is rising worldwide, which underscores our success in offering our distinguished brand locally and overseas,” the top official added.
Amer owns Porto Dead Sea in Jordan and Porto Tartous in Syria. It is expected to complete Porto Sharm El Sheikh, Porto Golf Marina and Porto October in Egypt over the coming two years.
Asked about plans to enter the Saudi market, Amer said the group is interested in all available investment opportunities, describing Saudi Arabia as a promising market the group is targeting.
Amer signed on Saturday an agreement with Saudi Arabia’s Al Othaim to establish an entertainment city in Porto Cairo Mall, New Cairo. On the sidelines of a press conference held in Cairo, Amer said the project’s investments are estimated at nearly EGP 60 million ($8.4 million). He added that the city will be opened in four months.
Amer Group posted EGP 217 million net earnings for the first nine months of 2014, rocketing 1064% compared with EGP 18.6 million in the same period of last year.
The company’s ordinary general meeting approved on Friday, December 19, the financial statements, as well as the board report, for the nine-month period that ended on September 30, 2014.
The meeting also gave a nod to the proposed dividend payout for the same period. Amer had previously said it would pay 2.25 piasters per share to shareholders in cash dividend.
Meanwhile, an extraordinary general meeting endorsed the board’s proposal for the break-up of Amer into two companies as well as adjusting the stock par value accordingly.
The EGM also approved listing the spun-off company on the Egyptian Exchange (EGX).
The Egyptian Exchange (EGX) had approved a request from Amer Group to proceed with the decrease of issued capital from EGP 1367863393.2 to EGP 911908928.8, as a result of splitting the group into two companies; Amer Group (demerging company) and Porto Group Holding (demerged company) based on the book value as par financial statements on September 30, 2014.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Cairo-Mubasher: Egypt’s businessman Mansour Amer, Founder of Amer Group Holding, said the group is studying offers to foray into more Arab countries and launching Porto projects.
“We adopt an ambitious strategy of continuously expanding our footprint and looking for unconventional investment opportunities across countries with high economic growth rates,” said the top official in an exclusive interview with Mubasher.
The real estate group said earlier that it was planning to introduce its Porto brand in all continents over the coming five years.
“Demand for our Porto projects is rising worldwide, which underscores our success in offering our distinguished brand locally and overseas,” the top official added.
Amer owns Porto Dead Sea in Jordan and Porto Tartous in Syria. It is expected to complete Porto Sharm El Sheikh, Porto Golf Marina and Porto October in Egypt over the coming two years.
Asked about plans to enter the Saudi market, Amer said the group is interested in all available investment opportunities, describing Saudi Arabia as a promising market the group is targeting.
Amer signed on Saturday an agreement with Saudi Arabia’s Al Othaim to establish an entertainment city in Porto Cairo Mall, New Cairo. On the sidelines of a press conference held in Cairo, Amer said the project’s investments are estimated at nearly EGP 60 million ($8.4 million). He added that the city will be opened in four months.
Amer Group posted EGP 217 million net earnings for the first nine months of 2014, rocketing 1064% compared with EGP 18.6 million in the same period of last year.
The company’s ordinary general meeting approved on Friday, December 19, the financial statements, as well as the board report, for the nine-month period that ended on September 30, 2014.
The meeting also gave a nod to the proposed dividend payout for the same period. Amer had previously said it would pay 2.25 piasters per share to shareholders in cash dividend.
Meanwhile, an extraordinary general meeting endorsed the board’s proposal for the break-up of Amer into two companies as well as adjusting the stock par value accordingly.
The EGM also approved listing the spun-off company on the Egyptian Exchange (EGX).
The Egyptian Exchange (EGX) had approved a request from Amer Group to proceed with the decrease of issued capital from EGP 1367863393.2 to EGP 911908928.8, as a result of splitting the group into two companies; Amer Group (demerging company) and Porto Group Holding (demerged company) based on the book value as par financial statements on September 30, 2014.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
