MM Group to be floated on EGX this month: Omran

Chairman of Egyptian Exchange (EGX), Mohamed Omran, said MM Group for Industry & International Trade (MTI) will be floated on EGX this month, adding that Banque du Caire IPO is expected to be launched soon after being listed.

“EGX has 12 IPOs this year other than governmental IPOs,” added Omran.

MM Group (Mohamed Mahmoud Group) is specialized in trade and industry. Its capital amounts to EGP 396 million, distributed on 396 million shares, with a nominal value of EGP 1 per share. On February 23, EGX Listing Committee approved the change in the company’s purpose, in light of amending Article No.3 of the bylaws, in addition to decreasing its issued and paid-up capital to EGP 245.5 million. It is worth mentioning that Beltone Financial manages MTI IPO.

In a press conference held last year, Omran had announced that four IPOs, including MTI’s, are expected to be launched in Q1 2017. Despite that the first quarter is about to come to an end without a single IPO.

He added that the state-owned companies will be floated in accordance to the governmental plan in this regard. He noted that Banque du Caire IPO will kick off soon.

According to Reuters, sources at EGX said Banque du Caire, the third-largest state-owned bank, will be floated on EGX in the first half of 2017. The IPO is considered the biggest since 2010.

EFG Hermes and HSBC will be the advisors of the IPO, and Baker & McKenzie will serve as the legal advisors.

Banque du Caire capital reaches EGP 2.25 billion, divided on 562.5 million shares, with EGP 4 nominal value per share.