June 24, 2010 / 11:43 AM / in 7 years

Egypt's Amer Group IPO possible this year: adviser

CAIRO (Reuters) - Egyptian real estate firm Amer Group may do an initial public offering (IPO) this year, an executive at its adviser said, which would make it only the country’s second since the global financial crisis struck.

<p>Foreign tourists ride camels at the Pyramids in Cairo February 12, 2009. REUTERS/Tarek Mostafa</p>

“We are advising them on a potential IPO for the end of this year. Before end of year, hopefully,” said Khaled Gamal, an EFG-Hermes investment banking executive, on Thursday, adding the firm had yet to decide on the size of any offering.

Dairy and juice maker Juhayna Food Industries ended the two-year hiatus with an oversubscribed IPO in June, although its shares have since traded below its public offering price of 4.66 Egyptian pounds per share.

Amer Group has developments in Cairo and on Egypt’s Red Sea and Mediterranean coasts. It also has projects in the early stages in the United Arab Emirates, Syria and Saudi Arabia.

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