Amer Group to establish offshore in Dubai

Amer Group Holding’s Board of Directors approved to establish limited offshore Company in free zone at Jebel Ali, Dubai, under the name “Porto International Group Investments, limited”.

Porto International Group’s capital will reach AED1000, distributed over 10 stakes, AED100 each.

Amer Group will own ten stakes representing 100% of the company’s capital.

Amer Group holding added, in a release sent to the Egyptian bourse Sunday, that the company’s name may be changed according to the approval free zone authority at Jebel Ali as well as agents.

Amer Group Holding (known as: Amer Group) is a public company, listed on Egyptian Exchange since November 2010. Amer Group operates within the diversified financial sector focusing on multi-sector holdings. It has 22 subsidiaries operating across Northern Africa, Middle East, British Islands and Southern Africa. Amer Group is based in Cairo, Egypt and was established in March 2007.

The company’s capital is EGP 1.4 billion, distributed over 4.6 billion stakes, EGP 0.3 each.