Amer Group’s board agrees to horizontal demerger
Updated 8/16/2022 12:37:00 PM
Arab Finance: The board of directors of Amer Group Holding (AMER) has approved the proposed horizontal demerger of the company into two companies, according to a statement on August 16th.
Accordingly, Amer Group Holding will be the demerging company.
The company’s CEO and Managing Director will be mandated to choose a name for the demerged company to be presented to the extraordinary general meeting (EGM) after obtaining the approval of the Financial Regulatory Authority (FRA).
The demerger will be carried out by the issuance of the same number of the demerging company while amending the nominal value of the stock, and the issuance of the same number of shares for the demerged company with a nominal value that represents the difference between the nominal value of the demerging company before and after the demerger.
Amer Group is an Egypt-based leading real estate developer engaged in diversified industry sectors, with its operations being structured into many segments, namely real estate, restaurants, hotels, malls, and retail.
