Cairo – Mubasher: MM Group for Industry and International Trade on Monday announced that it holds a 56.17% stake in Ebtikar for Financial Investment.
Ebtikar is expected to raise its capital this year, therefore, MM Group’s share in the company may change to make up around 50% of capital, according to a filing to the Egyptian Exchange (EGX).
It is worth noting that Ebtikar owns around a 50% stake in Vitas Egypt for Microfinance, which has obtained the final licence to practice microfinance activities in Egypt
On Sunday, B Investments Holdings said that Vitas would focus on financing the small-sized enterprise and microfinance projects that need up to EGP 100,000 facility loans.
Vitas Egypt was founded in November 2017 with an authorised capital of EGP 200 million and a paid-up capital worth EGP 20 million.
MM Group recorded a net profit of EGP 233.6 million during the nine-month period ended September 2018, versus EGP 292.5 million in the same period of 2017.
