Cairo – Mubasher: The board of directors of Porto Group Holding approved a decision to change the company’s name.

The decision, which comes in line with the company’s future plans and growth and development objectives, will be referred to the extraordinary general meeting (EGM) for approval, the company said in a bourse disclosure on Sunday.

The board also decided to establish a new joint venture (JV) in partnership with Prime Group Egypt, UAE’s Asmak Co., Jamal Fawzy Mohamed Fath Allah, Ayman bin Mokhtar bin Ibrahim Khalifa, and other shareholders.

The new company will specialise in business development as well as investment and project management.

Over the course of 2020, Porto Group Holding achieved net profits of EGP 25 million, compared to EGP 104.25 million a year earlier.