Porto stocks climb on their first day of trade at Cairo bourse

By Yomna Yasser On Oct 22, 2015

Porto Group has sparkled on its first day of trading early Thursday on Cairo bourse.

The stock traded as high as 0.38 Egyptian pounds (US$0.05), or 31.03 percent during the early hours of trading on the Egyptian stock Exchange (EGX).

Porto Group has been created by the long-mooted demerger of Egyptian real estate company Amer Group (AMER) and has started trading on the stock exchange on Thursday, with a reference price of 0.29 pounds per share. Porto includes several resorts and spas in the Ain Sokhna area on the Red Sea.

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.