The board of Egypt's real estate firm Amer Group approved on Saturday splitting into two companies.
The proposal will be submitted to the company’s extraordinary general meeting. The company will be split into two companies: Amer Group Holding (demerging company) and Porto Group Holding (demerged company).
The demerging company will issued shares equal to the pre-split shares while adjusting the stock par value in light of the company’s share in net assets. Similarly, shares of the demerged company will be issued equal to the number of shares and a par value that reflects the difference between the par value of the demerging company pre and post-split.
Amer board decided to adjust the stock par value for Amer Group Holding (demerging company) through reducing capital after split to EGP 0.20, while the par value of Porto Group (demerged company) will be at EGP 0.10 per share.