MTI intends to fully acquire 3 companies

CAIRO – 18 March 2018: MM Group for Industry and International Trade S.A.E (MTI) announced Sunday that it signed a letter of intent to acquire 100 percent of the three companies Alturki Holding subsidiaries, according to a filing at the Egyptian Exchange (EGX).

According to the statement, the three companies are Itisalat International Egypt (i2), a major distributer of consumer electronics and telecommunications; United Retail Company (URC), retail and care business; and DTR Trading, a Dubai Multi Commodities Center group based in Saudi Arabia.

The statement added that the acquisition will increase MTI’s direct active points of sale to 6,500 points, in addition to 101 retail outlets.

The deal will be finalized after receiving the approval of the Financial Regulatory Authority (FRA) and EGX, along with other regulatory approvals.

This agreement will raise MTI’s ownership in Applications and Payments Systems Development (Masary) from 10.6 percent to 20.7 percent, according to the statement.

MM Group for Industry and International Trade ( MTI) is a private company operating within the capital goods sector with a focus on trading companies & distributors.

It has one subsidiary operating in Egypt, working on financials. MTI is based in Cairoand was established in January 1996.