Amer, Porto Groups to issue GDRs up to 1/3 of capital

CAIRO – 30 July 2017: Amer Group Holding Company received the Egyptian Financial Supervisory Authority’s (EFSA) approval for its issuance of global depository receipts (GDRs), a Sunday statement said.

The Group would issue GDRs up to one-third of its issued and paid-up capital, as per the approval of the authority, the company stated.

Moreover, in a separate stock report, Porto Group Holding announced that EFSA has approved its issuance for GDRs up to one third of its capital.

Egypt has lifted restrictions on Egyptian investors who buy GDRs, Egyptian Exchange (EGX) Chairman Mohamed Omran told Reuters on the sidelines of a press conference held Sunday to present the achievements made in the stock market during the period 2013 to 2017.

Local investors will be able to purchase shares on the EGX in Egyptian pounds and receive their returns in U.S. dollars, EGX chairman added. In 2015, EGX allowed returns only to be taken in that same local currency.