Egypt's leading real estate firm Amer Group announced Sunday the extraordinary general meeting's approval of splitting into two companies. The company will be split into two companies; Amer Holding (demerging company) and Porto Holding (demerged company). 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 demerging company will issued shares equal to the pre-split shares while adjusting the stock par value in light of the company's share in net assets. Similarly, shares of the demerged company will be issued equal to the number of shares and a par value that reflects the difference between the par value of the demerging company pre and post-split. Amer board decided to adjust the stock par value for Amer Group Holding (demerging company) through reducing capital after split to EGP 0.20, while the par value of Porto Group (demerged company) will be at EGP 0.10 per share. Amer Group was established in December 2007. It owns hotels, restaurants, malls, and administrative and residential units.
