A private placement of shares by Egypt’s MM Group was covered 9.2 times and the final share price was set at 5.96 pounds (Dh1.21; $0.33), underwriter Beltone Finance said on Tuesday.
MM Group for Industry & International Trade aims to start trading its stock on the Egyptian exchange next week after offering 30 per cent of its shares in private and public offerings, raising 750 million pounds ($42 million).
The company distributes several international brands in Egypt including Vodafone, Samsung Electronics, Jaguar, Land Rover and Ferrari.
“The private placement of MM Group’s shares was finalised last night and was covered 9.23 times. The final price for the shares in the private and public offerings was set at 5.96 pounds per share,” said Osama Rashad, director of finance and investor relations at Beltone Financial Holding.