Porto to invest EGP1bn into real estate projects in 3 years
Porto Holding Group plans to inject EGP1bn investments into real estate projects in the Egyptian market in the span of 3 years as well as the acquisition and development of some plots of lands.
According to a statement sent to the Egyptian Stock Exchange on Sunday, Porto Holding Group predicted construction works at Morocco's Porto Agadir to start in 2022.
The Egyptian market holds 80% of the company's projects, as the remaining stake is distributed over a number of Arab countries and is targeted to pick up in the upcoming period. Moreover, PHG seeks to enter new Arab market.
The company seeks to increase its capital to bolster its financial position and expansions into new markets and areas by hiking its contribution from 15.03% to 25%, and even to less than a third of PHG's capital through the open market while adhering to disclosures required by the regulatory bodies.
Porto Holding Group has a EGP702mln capital, subdivided to 1.1bn shares with a nominal value of EGP0.6 per share.
Up to EGP950mln Islamic and conventional funding
One year ago, PHG inked a contract with Banque Misr's Islamic Division, whereby the former will get EGP500mln.
PHG said that it contracted with Banque Misr to act as a solidarity guarantor through Porto 6th of October, a subsidiary of PHG working in the real estate development sector.
Porto 6th of October will allocate that funding to fast-track the construction of Porto 6th of October near Juhayna Square in 6th of October City, due to be built over 1.38mln sqm and subdivided into three phases.
In the same vein, Amer Group announced that it inked a deal worth EGP450mln with Delmar for Touristic Development to fund Porto Heliopolis project in Misr El Gadida suburb East Cairo.
Porto Heliopolis, the first residential compound to be built in Misr El Gadida suburb, spreads over 27,000 sqm area.
