Wednesday 20 June 2018

Egypt's Amer Group to launch IPO

Cairo, October 31, 2010

Egyptian real estate firm Amer Group expects to raise $300 million through an initial public offering and a private placement before the end of November, a newspaper reported on Sunday.

The firm will issue 400 million shares through a private placement and another 100 million shares in a public offering, al-Borsa reported, adding that it was working with investment banks Beltone Financial and Prime Holding on the IPO.

Amer Group could not immediately be reached for comment. The newspaper cited a Beltone note for its report.

A Beltone official earlier had no comment on the al-Borsa report. Beltone subsequently issued an invitation to an event on November 6 for a 'presentation about Amer Group Holding IPO'.

Amer Group's paid-up capital is 196 million Egyptian pounds ($34 million), al-Borsa said, adding that the firm owned a land bank of 7.3 million sq m.

Amer Group sells holiday homes on Egypt's coasts and elsewhere. One of its projects is Golf Porto, covering 2.2 million sq m in the mountainous Ain el-Sokhna area by the Red Sea coast.

The group also owns hotels, restaurants, malls, a catering firm, a utilities company and other businesses.-Reuters

Tags: IPO | Egypt | Amer Group |

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