Egypt: FRA approves MM Group’s capital hike

The group plans to raise its authorised capital to $19.37mln

Staff Writer, Mubasher

April 16, 2024

PHOTO

Cairo – MM Group for Industry and International Trade received the approval of the Financial Regulatory Authority (FRA) to proceed with the capital hike procedures.

The group plans to raise its authorised capital to EGP 936.58 million from EGP 749.26 million, according to a recent bourse disclosure.

The EGX-listed firm will increase its capital by EGP 187.31 million through the issuance of 302.12 million shares at a nominal value of EGP 0.62 per share.

In the January-December 2023 period, MM Group generated EGP 699.15 million in consolidated net profit, an annual jump from EGP 346.25 million.

Meanwhile, the standalone net profit hiked year-on-year (YoY) to EGP 631.26 million in 2023 from EGP 332.64 million.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.