Cairo – Mubasher: Porto Group Holding and Amer Group Holding Co on Sunday announced that Amer Holding and Amer Syria have been awarded a compensation of $38.9 million in an arbitration ruling.

The ruling included a 5% interest from the date of response to the ruling request to the final payment date, the two companies said in separate statements to the Egyptian Exchange (EGX), which had decided to suspend trading on the two companies' stocks for 10 minutes.

It is worth noting that Amer Syria is a subsidiary of Porto Group after the two companies, Amer Group and Porto Group, split up business in August 2015.

On Wednesday, Amer Group reported a 19.6% year-on-year decline in consolidated profits for 2018, recording EGP 74.7 million, compared to EGP 92.9 million in 2017, including minority shareholders’ rights.

In November, Porto Group posted a 54% drop in consolidated profits for the first nine months of 2018 at EGP 115.8 million in profits, versus EGP 251.87 million in the corresponding period of 2017.