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Thursday, 23 June 2016

MM Group to float 25% of shares, targets EGP 400 mn

MM Group for Industry and International Trade aims to raise EGP 400 mn from floating 25% of subsidiary MTI on the EGX, a source told Reuters’ Arabic service. The issuance is planned for 3Q2016, the source noted, confirming news we reported earlier in June. A source close to the transaction tells Al Borsa that about 80% of the offering will be to institutions in a private placement and with the rest taking the form of an Egyptian domestic offering. Reports indicate that Beltone Financial is managing the issuance and Zaki Hashem & Partners are the legal advisors.

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