Amer Holding Group, Porto Holding To Start Trading On Egypt Bourse On Thursday

The two companies created by the long-mooted demerger of Egyptian real estate company Amer Group (AMER) will start trading on the stock exchange on Thursday, a bourse statement said on Tuesday.

Amer Group, which owns hotels, restaurants and shopping malls, had said last year it would be divided into a development business called Amer Holding Group and a smaller company named Porto Holding.

Amer Holding Group, which is now responsible for all real estate and hotel investment services, along with its restaurants and commercial centres, will start trading with a reference price of 0.58 pounds per share.

Porto Holding, which includes several resorts and spas in the Ain Sokhna area on the Red Sea, will have a reference price of 0.29 pounds per share.

Source: Reuters