EFSA approves MM Group IPO

The Egyptian Financial Supervisory Authority (EFSA) has issued No Objection Certificate (NOC) allowing MM Group for Industry & International Trade (MTI) to be listed on the Egyptian Exchange (EGX).

EGX has uncovered receiving and registering MTI IPO with a maximum price of EGP 6.06 per share, starting from April 2nd trading session.

The IPO constitutes 15% of the offering, around 4.5% of the company’s shares (17.8 million shares), and the left 85% will be offered via private offering, around 25.5% of the company’s shares (100.9 million shares).

The final price will be defined after closing the private offering on April 4, which is three days before closing the IPO, which will be closed on April 6.

The IPO is planned to be covered at least four times.

The stock stability account is limited to the IPO subscribers, representing about 4.5% of MTI’s shares. The purchase price is set at the offering price and accounts are to be opened in the Arab African International Bank (AAIB).

EGX has warned brokerage firms to finance MTI IPO via indebted financial centers, because this stock is not listed among the shares lists of specialized activities.

EGX has opened the door for receiving purchase requests of MTI’s shares, scheduled on April 2 to 6.

It is noteworthy that MTI had decreased its capital to EGP 245.5 million, divided on 396 million shares with a nominal value of EGP 0.62 per share, compared to EGP 396 million, divided on 396 million shares with a nominal value of EGP 1 per share. EGX Listing Committee has approved the capital decrease.