Egypt’s Amer Group to discuss nominal value change today

Big 5

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.