Cairo – Mubasher: MM Group for Industry and International Trade (MTI) on Sunday announced that it has signed a letter of intent to acquire 100% of three companies affiliated to Alturki Holding.
The three companies are Itisalat International Egypt (I2), United Retail Compamy (URC) and DTR Trading, according to the group’s statement to the Egyptian Exchange (EGX).
The deal will be finalised after receiving the approval of the Financial Regulatory Authority (FRA) and EGX along with other regulatory approvals.
Under the agreement, MTI will raise its ownership in Applications and Payments Systems Development (Masary) to 20.7% from 10.6%, data showed.
Moreover, the acquisition will increase MTI’s direct active points of sale to 6,500 points, in addition to 101 retail outlets.
By the end of the three months ended 30 September 2017, MM Group’s profits levelled up to EGP 105.05 million from EGP 78.34 million for the same period in 2016.
