Cairo-Mubasher: Amer Group Holding announced that it secured the approvals of all competent authorities to establish Porto Group.

Porto Group is the entity that demerged from Amer Group Holding.

Earlier, Amer Group obtained the approval of the Egyptian Financial Supervisory Authority to proceed with the issuance of issued capital shares of Porto Group.

Last December, Amer’s shareholders endorsed in the board’s proposal for the break-up into two companies as well as adjusting the stock par value accordingly. They 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.