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The Egyptian Exchange (EGX) starts trading on Amer Group shares after division into 2 companies, Amer Group Holding - Amer Group (the dividing company) and Porto Group Holding - Porto Group (the divided company) on Thursday, October 22, 2015, after the company met all of the listing requirements.
The Operations’ Committee declared that trading will begin in accordance to the reference price, which determines the price of Amer Group Holding - Amer Group (the dividing company) at a level of LE 0.58 per share and with a reference price for the divided company (Porto Group Holding - Porto Group) of LE 0.29.
This decision states that trading on the 2 shares will be performed without adherence to price limits or pausing mechanisms applied during the first trading session only, then starting of the following session trading will be performed in accordance with the normal market mechanisms. The two new companies will continue in EGX indices (EGX 30), (EGX 50), (EGX 100) and (EGX 20) as well as in the List (A) of Securities allowed to conduct specialized activities which are permitted for intra-day and margin trading and to be accepted as collateral up to 100% of their market value until the periodic review.
Mansour Amer, Chairman of Amer Group, pointed that the main reason for this split is part of the remarkable development of the various activities of the group, which is reflected clearly to investors.
Omar Amer, Deputy Head of the group, said “the division will allow the launch of a new variety of activities in both entities”.
