MTI IPO to kick off by March-end - source

The initial public offering (IPO) of MM Group for Industry & International Trade (MTI) is expected to be launched on Egypt bourse by the end of March, after concluding all listing procedures and receiving the approval of the Egyptian Financial Supervisory Authority for the nominal value of the company’s shares, sources said.

Egyptian Exchange’s Listing Committee has approved the issued and paid-up capital decrease to EGP 245.5 million.

In an earlier statement, Egyptian Exchange has decreased MTI share price to EGP 0.62 from EGP 1, maintaining the same number of shares.

MTI’s issued capital reaches EGP 396 million, divided on 396 million shares, with EGP 1 nominal value 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.