(2014-11-26) Amer Group gets go-ahead on the split from EGX listing committee
Egypt's stock exchange listing committee approved terms of the planned split into two companies by Amer Group (AMER), to create more opportunities for its development business and boost trading in its shares, according to a bourse statement on Wednesday. The company said in a statement on Nov 23 it would split into a development business called Amer Holding Group and a smaller company named Porto Holding. Amer Holding Group will decrease its capital to LE911.9 million, from LE1.36 billion. The listing committee said shareholders would maintain a stake in both companies without modification. "The goal of the division is to obtain the true value of the company's shares in the market by shedding light on all activities in a clear manner," Chairman Mansour Amer told reporters on Nov 23 according to Reuters. The proposed reorganisation of the company is subject to shareholder approval, Amer said, and a division of assets, liabilities and equity would be made "at book value at the effective date of the split".