MM Group to invest EGP 1bn

MM Group for Industry and International Trade intends to pump investments of EGP 1bn over 18 months.
The company announced that its IPO was successfully executed and covered 9.23 times with the participation of 100 key investor. The group set the share price at EGP 5.96 per share.
MM Group held a press conference on Tuesday to unveil details of IPO and expansion plan.
For his part, the chairman of MM Group Khaled Mahmoud said that his company has liquidity amounting to EGP 1bn, adding the group generated sales of EGP 5bn last year.
Mahmoud added that his firm will employ liquidity to implement expansion plan, which includes introducing new products.
MM Group for Industry & International Trade distributes several international brands in Egypt including Vodafone, Samsung Electronics, Jaguar, Land Rover and Ferrari.
Shares in MM Group will start trading next Tuesday following this week’s placement, in which the company raised 750 million pounds ($42 million) by selling a 30 percent stake to investors, according to Reuters.