MM Group submits documents to endorse capital cut

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MM Group for Industry & International Trade (MTI) has submitted documents to endorse decreasing its issued and paid-up capital, after restructuring and amending the purpose of the company, through horizontally splitting it into two companies, Egyptian Exchange (EGX) reports.

In a statement, EGX added that MTI capital, after the cut, will be EGP 245.52 million, divided on 396 million shares, with EGP 0.62 nominal value per share, compared to EGP 396 million, divided on 396 million shares, with EGP 1 nominal value per share earlier.

The company has submitted documents to endorse amending its purpose, in light of amending Article No. 3 of the bylaws. The documents will be scrutinized then submitted to EGX Listing Committee.

According to earlier statements made by Beltone Financial Deputy CEO, Ahmed Salem, Beltone is managing MTI IPO, which is expected to reach EGP 400 million approximately.

 

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