Offering Sukuk Is Just An Idea, No Serious Steps Taken: Amer Group

Amer Group Holding (AMER.CA) denied in a statement made Tuesday studying offering sukuk valued at EGP 2.7 ($447 million) to finance projects. Amer Group asserted that its board of directors did not discuss this matter.

This statement comes after Riad Refaat, Investor Relations Director, told Amwal Al Ghad Monday that offering sukuk is one of the ideas that the BoD considered without adopting or determining any further procedures to make them come into effect.

“To finance any new projects, Amer Group depends on the volume of profits posted within the fiscal years besides the sales of the current projects in real estate.” Refaat added.

“Offering sukuk is just an idea and the BoD did not decide to take any further steps concerning this,” he assured.