Amer Group’s Board Approves capital Hike to EGP1.4 billion

Egyptian real estate company Amer Group’s board of directors approved on Monday increasing the issued capital to EGP 1.368 billion, from EGP 547.145 million. The capital top-up will be through using reserves and adjusting the stock par value to EGP 0.30 instead of EGP 0.12.
This increase will be financed from the company’s reserves in the financial statements for FY2013 which were approved by the ordinary general meeting held on March 20, 2014.
Amer (AMER.CA)’s Q1 net profit fell to EGP 2 million, down from EGP 15.3 million in the same period a year earlier.