Amer Group decides to optionally delist shares from EGX

Amer Group Holding Co SAE (AMER) announced Thursday that its board of directors decided to optionally delist its shares from the Egyptian Exchange (EGX).

The company added in a filing to EGX that its extraordinary general meeting (EGM) will discuss the optional delisting and purchase of the shares from shareholders opposing the move.

As a result of this decision, Amer Group’s share declined 4.05 percent to LE 0.90, by 12:20 p.m. Cairo time.

Amer Group’s capital records LE 1.003 billion distributed over 1.003 billion shares, with a nominal value of LE 1 per share.

The real estate company recorded profits of LE 74.7 million during 2018, compared to LE 92.9 million in 2017 including minority rights.

The company’s revenues declined to LE 1.9 billion last year, from LE 2.15 billion a year earlier.

During the first nine months of 2018, Amer recorded a decline of 15 percent in its consolidated profits, hitting LE 70.89 million, compared to LE 83.71 million in the same months of 2017.

Amer Group operates within the real estate sector focusing on real estate development. It has 31 subsidiaries operating across the Caribbean, Southern Africa, Northern Africa and Middle East.