25% of MM Group shares to be floated on EGX in March

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Mohamed El-Akhdar, Director of Investment Banking at Beltone Financial, has announced that 25% of MM Group for Industry & International Trade (MTI) will be floated on Egyptian Exchange (EGX) by the middle of March.

The Egyptian Financial Supervisory Authority has approved the company’s capital evaluation at EGP 2.7 billion at EGP 6.75 per share, added El-Akhdar. Beltone Financial manages the initial public offering (IPO).

Earlier in August, EGX has listed the company with EGP 396 million capital, divided on 396 million shares, with EGP 1 nominal value per share.

El-Akhdar added that the scenario is launching public and private offerings. The private offering with 85% stake of the offering will be offered to foreign and Arab institutions, while the remaining 15% will be channeled for the IPO.

Meanwhile, Beltone Financial is decided to market the offering in a number in countries in the GCC, South Africa, Europe and the USA, El-Akhdar said.

MTI has managed to acquire Carrier dealership. In addition, the company seeks distributing new Samsung products, such as refrigerators and washing machines.

Founded in 1895, MTI operates in several sectors. The company acquires dealerships of Vodafone Egypt scratch cards and Samsung mobiles, in addition to exclusive dealerships of Jaguar, Ferrari, Bentley Motors and Land rover.