Egypt investment watch: MM Group, McDonald’s Egypt parent company to invest combined EGP 1.65 bn
INVESTMENT WATCH- MM Group, whose IPO is due to wrap next week as the company’s shares begin trading on the EGX, plans to invest EGP 1 bn over the next 18 months to expand its e-commerce, microfinance and consumer operations, said Chairman Khaled Mahmoud. He expects FY2017 net profits to jump 80% to more than EGP 400 mn from EGP 222 mn last year. He promised that 50% of profits would be returned to investors each year, Reuters reports.
Manfoods, the Egyptian franchisee of fast-food king McDonald’s, is planning to invest EGP 650 mn until 2020 to expand its activities in the country, the company’s general marketing manager Hisham Abdel Wahab said yesterday, Al Shorouk reports. The company is targeting sales north of EGP 1 bn this year.