Cairo – The board of MM Group for Industry and International Trade, listed on the Egyptian Exchange (EGX), approved on 25 September to set up a company in Saudi Arabia.
MM Group noted that establishing a firm in the Kingdom aims at serving and expanding the company’s business activities with equity ownership reaching 100%, according to a bourse filing.
The capital of the Saudi Arabia-based venture company has not been determined yet, however, it will be unveiled after incorporation.
The board of the Egyptian company further delegated its CEO and Managing Director, Khaled Mahmoud, or anyone he might authorise to handle the establishment procedures for the new entity in Saudi Arabia.
During the first half (H1) of 2023, MM Group achieved consolidated net profits after tax worth EGP 300.75 million in addition to net sales of EGP 5.05 billion.
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