Egyptian Exchange’s Listing Committee has approved decreasing the issued and paid-up capital of MM Group for Industry & International Trade (MTI) to EGP 245.5 million.
In a statement on Thursday, Egyptian Exchange said MTI capital cut will be endorsed starting from Sunday trading session dated February 26, 2017. The nominal value of its shares will be reduced from EGP 1 to EGP 0.62, while maintaining the same number of shares.
Earlier, MTI capital stood at EGP 396 million, distributed on 396 million shares, with a nominal value of EGP 1 per share.
In addition, the Listing Committee has approved the change in the company’s purpose, in light of amending Article No.3 of the bylaws.
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.
EGX Chairman, Mohamed Omran, said the market is waiting for the IPOs of MTI and Al Farasha Co. for Printing and Packaging.