Egyptian real estate firm Amer Group expects to raise $300 million through an initial public offering and a private placement before the end of November, a newspaper reported on Sunday. The firm will issue 400 million shares through a private placement and another 100 million shares in a public offering, Al-Borsa reported, adding that it was working with investment banks Beltone Financial and Prime Holding on the IPO. Amer Group could not immediately be reached for comment. The newspaper cited a Beltone note for its report. A Beltone official earlier had no comment on the Al-Borsa report. Beltone subsequently issued an invitation to an event on November 6 for a "presentation about Amer Group Holding IPO." Amer Group's paid-up capital is LE 196 million, Al-Borsa said, adding that the firm owned a land bank of 7.3 million square meters. Amer Group sells holiday homes on Egypt's coasts and elsewhere. One of its projects is Golf Porto, covering 2.2 million square meters in the mountainous Ain Sokhna area by the Red Sea coast. The group also owns hotels, restaurants, malls, a catering firm, a utilities company and other businesses.
