Chairman of Amer Group Mansour Amer launched Wednesday initial public offerings (IPOs) on the stock market for Porto Group and Amer Group.
The former Amer Group stock has been divided into two stocks, Amer explained, adding that upon the division, each Amer Group stock holder will have a stock in Porto Group as well.
Trading on two stocks will start on Thursday, Amer announced. Porto Group stocks are valued at 29 piasters per share, while Amer Group’s stocks are at 28 piasters per share.
Amer explained in a Wednesday press conference that the aim of the division is to highlight the diverse activities of Amer Group.
Porto Group, the real estate and hospitality developer, is expanding its projects inside and outside Egypt.
The value of revenues expected from Porto Group’s new projects is EGP 29bn, while the value of units due for delivery is EGP 3.4bn.
Amer Group owns 2m meters of undeveloped land.
Amer said the portfolio of Porto Group’s hospitality and residential projects will see the addition of a new project in Port Said, called Porto Saeed, which Amer said will result in a “residential boom” in the city.
Outside Egypt, Amer Group has two projects; Porto Dead Sea in Jordan and Porto Agadir in Morocco, which will launch by the beginning of 2016.
Amer Group and Porto Group operate in real estate, hospitality, health care, education and sports clubs.
The group is awaiting licences to start working on Porto Heliopolis, Porto Pyramids in the Haram district, and Porto Saeed. Upon receiving licences, the group can start delivering units by the end of 2016.