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Image used for illustrative purposes. Traders are seen working below the Egyptian Exchange bell at the stock exchange in Cairo April 1, 2013. REUTERS/Mohamed Abd El Ghany
Elsewedy Cement increased its stake in MM Group for Industry and International Trade (MTI) (MTIE) to 1.64% from 1.33% in consideration of EGP 10.961 million, according to a filing to the Egyptian Exchange (EGX) on August 21st.
The transaction was executed on 3 million shares at an average price of EGP 3.65 per share.
MTI is one of the leading distribution companies by geographic coverage in Egypt, with access to more than 40,000 points of sale.
The Egyptian joint stock Company operates in a wide range of businesses, including consumer electronics, telecommunication, automotive, seamless pipes, and tractors through partnerships with leading global brands including Samsung, Vodafone, Huawei, Range Rover, Jaguar, Maserati, Bentley, Carrier, and Bosch.
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