Amer Group’s board of directors approves a plan to restructure the company, aiming at achieving wide development and change in the group’s different activities, Invest-Gate reports.

The board suggests dividing the company into a company that specializes in real estate development, and another one specializing in hospitality and tourism activities.

Hosni Hani Omar, CEO of Amer Group, explains that the company conducts an integrated study in order to carry out a wide restructuring and divide its activities.

The company’s goal is to make each sector directly responsible for developing its services and raising its efficiency at the level of customer service, as well as separate activities related to real estate development from other activities, the most important of them are hospitality and tourism.

Omar stresses that the main purpose of separating the hospitality and tourism activity is to develop this sector and attract interested investors, restructure the management of tourism and hospitality activity by a specialized department in that field, and expand the ownership base for individual and institutional investors through raising the trading level according to the wish of present shareholders and new investors.

Additionally, this division aims to expand the hospitality and tourism activity by increasing the company’s projects in this field.

The company’s CEO indicates that the suggestion is submitted to the Financial Supervisory Authority to move forward with the procedures.

This suggestion depends on the proposed division project being with the cash value without harm to the rights of the existing shareholders. Also, the final division decision is subject to the completion of legal procedures, and the approval of the company’s extraordinary general assembly.

The step comes within the framework of the expansion plan of Amer Group, which aims to implement many different projects in diverse locations during the coming years. This comes in line with the state’s directions in achieving urban development in order to raise the area urbanization in Egypt.