MM Group tops gainers of EGX's Wednesday session after announcing Ebtikar BoD's decisions

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Wed, 24 Feb 2021 - 02:42 GMT

FILE- The EGX trading session on December 12, 2017

FILE- The EGX trading session on December 12, 2017

CAIRO – 24 February 2021: MM Group for Industry and International Trade (MTIE) came at the top of the gainers of the Egyptian Exchange (EGX) during Wednesday’s session after announcing the approval of Ebtikar Holding‘s board of Directors to acquire 20 percent of TBE Egypt for Payment Solutions and Services (Bee), besides singing a Memorandum of Understanding (MoU) with Vodafone Egypt.

 

The share of MTIE hiked 11.56 percent or LE 1.30 to reach LE 12.55 after trading on 9.03 million shares with a turnover of LE 113.34 million.

 

Earlier on Wednesday, the company announced that the board of Directors of Ebtikar Holding for Financial Investments S.A.E. (Ebtikar) approved Wednesday to acquire 20 percent of TBE Egypt for Payment Solutions and Services (Bee) which was owned by Technobiz Equipment PTE.

 

This step comes for the purpose of preparing for the listing of Ebtikar on the Egyptian Stock Exchange (EGX).

 

Subsequently, Ebtikar’s ownership of the company increased from its current stake of 60 percent to 80 percent, and allowed Technobiz Equipment PTE. LTD company to participate in the capital increase in Ebtikar.

 

Ebtikar is a joint venture between MM Group for Industry and International Trade and B Investments Holding, the owning company of Bee and Masary for e-payments.

 

MM Group for industry and International Trade (MTI) holds a 49.9 percent stake in Ebtikar.

 

Moreover, Board of Directors of Ebtikar approved singing a Memorandum of Understanding (MoU) with Vodafone Egypt, to allow Vodafone Egypt to participate in a capital increase in TBE Egypt for Payment Solutions and Services (Bee) and Masary for e-payments companies to reach a stake of 20% in each company.

 

MM Group for industry and International Trade (MTI) noted in a filing to the Egyptian Exchange (EGX) that the MOU signing marks the beginning of the due diligence process for the companies, in one of the most significant deals in the Egyptian digital financial services market. 

 

“Vodafone Egypt will participate in a capital increase at par yielding it a stake of 20 percent in each company of Bee and Masary,” it clarified.

 

During the first nine months of 2020, B Investments Holding Company achieved profits of LE 153.55 million, compared to profits of 142.74 million pounds in the same period of 2019, including minority rights.

 

MM Group achieved during the first 9 months of 2020 a net profit of LE 299.78 million, compared to LE 370.05 million during the same period in 2019, including minority rights.

 

MTI operates within the capital goods sector focusing on trading companies & distributors, while B Investments Holdings operates within the diversified financial sector focusing on investment banking & brokerage.

 

 

 

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