Amer Group Holding sent a statement to Egyptian Stock Exchange clarifying that the news published in Alborsa newspaper was not accurate and added that:

Porto Cairo project is a part of group projects which is being implemented now on 38,000 square meters at EGP 200 million and scheduled to be completed in July 2012.

South Beach project is being implemented now on 348,000 square meters at EGP 160 million and scheduled to be completed in 2013.

Porto Matrouh project which will be launched in the period ahead on 839,000 square meters. Also Porto Fayuom tourist resort will be established on 2.7 million square meters area.

It is notable that, Alborsa newspaper cited firm investor relation manager, Mr Riyad Ref'at, as saying that Amer Group will establish EGP 100 million new commercial in (Porto Cairo) at 38,000 square meters land area in Al Tagamu' Al Khames district.

According to Mr Ref'at, the new mall is a part of firm services which will be provided in the EGP 206 million project. He added that, New Year plan will include launching two projects and completing another one.

(Sourced from EGX & Arab Finance)