Egyptian real estate developer Amer Group will split into Amer Holding and Porto Holding, the company's board of directors announced in a press release to the Egyptian stock exchange on Sunday. The new companies will each hold the same number of shares but at different values, estimated at LE0.20 for Amer Holding and LE0.10 for Porto Holding. The companies will split assets and obligations through the carrying value at the date of the split. "Growth in the real estate sector made us consider splitting the company so that real estate development projects become in one holding... to allow the company to create more growth opportunities," director of investment relations at Amer Group, Reda Refaat, told Reuters. The group managed to post a sharp increase in net profits to LE191 million in the nine months ending September 2014, compared to LE20 million in the same period a year earlier. Amer Group was established in December 2007. It owns hotels, restaurants, malls, and administrative and residential units. Amer Group was traded at LE1.34 per share depicting a 3.15 percent rise in the session by 11:42 a.m. http://english.ahram.org.eg/News/116209.aspx