Amer group fixes its share at LE2.8 for institutions share holders

Bassem Abo El Abass, Wednesday 24 Nov 2010

Institutions’ demand for Amer Group shares is three times the amount offered,as they covered by 305 per cent in the Group’s private placement.

Institutions’ demand for Amer Group shares is three times the amount offered, as they covered by 305 per cent in the Group’s private placement. A press release by Beltone Financial said that the final price of share will be set at LE2.8. Osama Rashad, a spokesman for Beltone, said the price of share was “supposed to be higher than that.”  The stock will be traded on the market as of Monday, 29 November.

"There was a very good turnout from institutions for the subscription, with great names from the Gulf, USA and Europe," added Rashad. Shares reallocation to the institutions will be announced on 28 November.

The investment plan of the group is to sell some 3.3 million shares to big institutions. This will represent 15.96 per cent of the group’s capital. 

As for individual investors, they are entitled to buy some 8.2 million shares. Individuals will represent 3.99 per cent of the group's capital. The public subscription will end tomorrow, 24 November.

Amer Group was established in December 2007. It owns hotels, restaurants, malls, and administrative and residential units.

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