ArabFinance: Amer for Tourism Development (ATD), Amer Group's (AMER) subsidiary, obtained New Minya city's approval for reallocation the size of the land that assigned to the company in New Minya, according to Amer Group's August 10th statement filed to the Egyptian Exchange.

Accordingly, the assigned area to ATD in New Minya was amended from 110 to 45 acres, the statement highlighted.

In March, ATD asked the New Minya city for allocating a land plot, totaling 110 acres to construct a touristic project

Earlier, Sarwa Promotion and Masr Capital teamed up with Amer Group to prepare a preliminary study in order to issue sukuk in favor of the latter.

Under the agreement signed between the three parties, Sarwa and Masr Capital will act as lead managers for the sukuk issuance.

Amer Group is an Egypt-based company engaged in the diversified industry sectors. The company’s operations are structured into many segments, namely real estate, restaurant, hotel, malls, retail, among others. Other activities include the provision of touristic boats, investment and marketing, and real estate maintenance services.

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