Latest in Tag: Amer Group Highlight
Latest in Tag: Amer Group
EFG Hermes announced, on Tuesday, that the first issuance of a securitisation programme worth a total of EGP 6.5bn for Amer Group, Porto Group, and Qasatli, has been successfully concluded. The financial services company acted as sole arranger and financial advisor on the EGP 700m issuance, which was covered more than one time. It is …
Amer for Touristic Development has signed a contract with the New Urban Communities Authority (NUCA) to purchase a 56feddan plot of land in New Minya,on which thePorto Minya development will be constructed.
The sources added that the company is currently finalising documents with the Financial Regulatory Authority (FRA) that are required to issue the bonds.
The 1,000 feddan plot of land was allocated to Giza Tourism Development Company, with the subsidiary company to play the role of real estate developer to the project rather than its owner. The project represents good investment feasibility and enjoys interest from the government.
Amer Group has decided to hold off announcing the value due to the prevailing pessimistic outlook of a second wave of the novel coronavirus (COVID-19). This is expected to result in a decline in the interest rate, which raises some concerns.
The agreements were signed by Adel Hamed, managing director and CEO of Telecom Egypt, Hisham Arafat, chairperson of Amer Group, and Mohamed El Sayed, chairperson of the Porto Group.
Amer Group has submitted the requested traffic study on the project to the competent authority, and is awaiting for its review to complete the project which is expected to be delivered within five years.
Project will be finished within three years, says Amer
Project will include international hotel with 4,000-room capacity
Company net profit stands at EGP 92.9m versus EGP 184.4m in 2016
Company begins establishment of residential project comprising 23,000 units near Porto Marina
Real estate unit prices range from EGP 450,000 to EGP 5.5m, says company source
Amer group will be managing the hotel during the first phase of the operations, until the hotel is assigned to an international company specialised in hotel management
Porto Group achieves consolidated revenue of EGP 191m, while AMER Group achieves revenue of EGP 544m in Q1 2016
More than 60 large companies presented their real estate products on the first day of the Cityscape exhibition.
The group registered sales of EGP 2.4bn and net profit of EGP 37m in 2015
Amer Group will acquire a share of revenues ranging between 20%-40% of the four projects
Splitting up the group, paying back securitisation deal main/temporary reasons behind decline in profits, says Investor Relations Manager
Amer called on CBE to fix dollar price
Amer Group offers lands, while Porto Group will act as the real estate developer
Under Holding Companies Law, licensing is based on being a company operating in securities
Company’s capital stands at AED 1,000, divided into 10 shares with a value of AED 100 per share
Porto Matruh project built on 338,985 sqm, of which buildings ratio amounts to around 20%, while landscape and roads are about 80%
82% of group’s revenues were from real estate sector
Amer allocates EGP 5bn to increase investments in 2015
The move coincides with decision to divide company into Amer Group and Porto Group
876m shares were sold in Thursday’s block trading deal at EGP 1.47 per share
The acceptance of Egypt’s pending IMF loan will have a positive effect on the economy and there will be an increase in tourism and FDI throughout the year, says EFG
Amer Group made EGP 126.79 million net profits during the first half of 2012, a 37.1 percent decline compared to EGP 201.435 million in the same period last year. Riad Refaat, Investors Relations Manager at the company, explained that the decline in profits is understandable given the current economic circumstances, particularly in the real estate …