MM Group, Suez Fertilizers to seek listings
MM Group for Industry and International Trade will float 30%-40% of its shares on the EGX in 1Q2017, sources told Al Mal. The company had said in June that it would offer up to 25% of its shares. MM Group listed on the EGX in August. BDO is conducting the fair value, slated to be completed before year-end. Beltone Financial is managing the transaction. MM Group’s website identifies the company as an agent for Vodafone Egypt and Samsung smartphones. It is also a local agent for Jaguar, Land Rover, Ferrari, Maserati, and Bentley, sells Ukrainian tractors, and manufactures everything from packaging and corrugated boxes to doors and windows.
Also on the IPO pipeline: Egyptian Financial and Industrial Company (EFIC) subsidiary Suez Fertilizers is expected to list on the EGX within three months, EFIC chairman said, according to Al Borsa. The offering of 40% of the company’s shares will take place six months after listing. EFIC will meet today with Pharos Holding and Misr Financial Investments Company who are managing the offering to start valuation procedures, which we noted in September would be at EGP 1 bn.