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Amer Group's unit aims to reduce land size in Minya

Amer Group's unit aims to reduce land size in Minya

ArabFinance: Amer Tourism Development Company, a subsidiary of Amer Group (AMER), seeks to reduce the size of land allocated by New Urban and Communities Authority (NUCA) in Minya from 110 to 40 acres, according to the company's June 29th disclosure filed to the Egyptian Exchange.

Minya Governorate stated that the company request is under examination, the file added. 

On September 23rd, NUCA allocated a 110-acre land in a touristic neighborhood in New Minya to Amer's unit to establish an integrated residential project with certain conditions.

In addition, NUCA obligated the subsidiary back then to repay the remaining amount of its issued capital, which is amounting to EGP 150 million, to be equal to the EGP 200 million paid capital.

Amer Group posted a consolidated net profit of EGP 10,653,804 in Quarter one (Q1) of 2020, against a net loss of 4,550,287 in Q1 2019.

Nevertheless, the company incurred a standalone net loss of EGP 8,446,834 in Q1 2020, versus a net profit of EGP 72,403,082 in Q1 2019.

Amer Group is an Egypt-based company engaged in the diversified industry sectors. The company’s operations are structured into many segments, namely real estate, restaurant, hotel, malls, retail, among others. Other activities include the provision of touristic boats, investment and marketing, and real estate maintenance services. 

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