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Amer Group Studies 2.7 Billion Pound Sukuk Offering, Mal Says

Amer Group Holding (AMER), an Egyptian resorts developer, is studying offering sukuk valued at up to 2.7 billion Egyptian pounds ($447 million) to finance projects, Al Mal reported, without saying how it got the information.

The company may decide on an Egyptian investment bank to manage the sale in 10 days, the Cairo-based newspaper said. Amer may offer the debt in two portions, a $250-million tranche to finance projects in Morocco, United Arab Emirates and Syria, and a 1.1 to 1.2 billion-pound offering to cover projects in Egypt, it said.

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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