Bloomberg News

Amer Surges Most in 2 Months After Announcing Share Payout Date

October 26, 2011

Oct. 26 (Bloomberg) -- Amer Group Holding rose the most in more than two months after the Egyptian resorts and restaurants developer and operator said it would distribute free shares next month.

Shares of the Cairo-based company jumped as much as 7.4 percent, the biggest intraday gain since Aug. 23 and traded up 5.6 percent at 1.14 Egyptian pounds at 11:34 a.m. in Cairo. That gave the company a market value of 2.33 billion pounds ($390 million). The benchmark EGX 30 Index retreated 0.5 percent.

Amer said in an advertisement in Al Alam Al Youm newspaper today it will distribute one free share for every two held to raise its capital on Nov. 14 for shareholders as of Nov. 13.

--Editors: James Kraus, Peter Branton

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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