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Amer says NUCA adjusts New Minya land

Amer says NUCA adjusts New Minya land

ArabFinance: Amer for Tourism Development (ATD), a subsidiary of Amer Group (AMER), obtained 45 acres in New Minya, according to Amer Group's August 10th statement filed to the Egyptian Exchange.

The announcement came after the New Urban Communities Authority (NUCA) approved to change the land area allocated to ATD from the previous 110 acres.

 

In March, ATD submitted a request to the New Minya Development Authority for purchasing the land to establish an integrated urban project.

However, three months later, Amer's subsidiary asked the city's authority to decrease the allocated land area.

Earlier, Sarwa Promotion and Masr Capital teamed up with Amer Group to prepare a preliminary study in order to issue sukuk in favor of the latter.

Under the agreement signed between the three parties, Sarwa and Masr Capital will act as lead managers for the sukuk issuance.

Amer Group is an Egypt-based company engaged in the diversified industry sectors.

The group'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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