Latest in Highlight
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.
Project includes 3,000 residential units, 500 villas, international restaurants, an international school
Company cash dividends expected to decrease in coming years
Mohamed El Mekkawy replaces Amer as the company’s chairperson
Real estate unit prices range from EGP 450,000 to EGP 5.5m, says company source
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
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
The move coincides with decision to divide company into Amer Group and Porto Group