👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

UPDATE 1-Egypt's Amer Group to launch IPO - paper

Published 10/31/2010, 08:31 AM
Updated 10/31/2010, 08:36 AM

* Aims to raise $300 million - paper

* Plans private placement and public offer - paper

* Beltone send invitation for "Amer IPO" event

(Adds detail on Beltone invitation in para 4)

CAIRO, Oct 31 (Reuters) - 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 Nov. 6 for a "presentation about Amer Group Holding IPO".

Amer Group's paid-up capital is 196 million Egyptian pounds ($34 million), al-Borsa said, adding that the firm owned a land bank of 7.3 million square metres.

Amer Group sells holiday homes on Egypt's coasts and elsewhere. One of its projects is Golf Porto, covering 2.2 million square metres in the mountainous Ain el-Sokhna area by the Red Sea coast.

The grou also owns hotels, restaurants, malls, a catering firm, a utilities company and other businesses. (Reporting by Shaimaa Fayed and Yasmine Saleh; Editing by Sanjeev Miglani and Michael Shields)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.