ICEC

Egypt’s Amer Group to discuss nominal value change today

Egyptian property developer Amer Group is holding on Sunday its extraordinary general assembly meeting to change its nominal value to reach an issued capital of 1,003 billion Egyptian pounds ($56.1 billion).

The meeting will also review a plan to increase the company’s authorised capital from 1.5 billion pounds to 3 billion pounds, Amer Group said in a bourse filling early Sunday.

Amer Group’s first-half profits fell 13 percent to 55.08 million pounds, compared with 63.3 million pounds last year, according to its latest consolidated financial statements.

Amer Group is a leading real estate firm, offering mixed-use, family oriented destinations. It has diversified businesses in the primary and secondary homes market, as well as hotels, shopping malls, and restaurants.

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