MM Group for Industry and International Trade (MTI) is planning to list its e-payment arms, Bee and Masary, in the Egyptian Exchange (EGX) by the end of the year.
Investor Relations and Business Development Manager at MTI Ashraf El-Ghannam said MTI is establishing two consumer finance arms this year. One of the new companies is for auto finance and its establishment procedures have been completed, and it began operating last month.
He added the other company will be a merger between MTI’s e-payment arms, Bee and Masary, of which Ebtikar holds majority stakes. and it will be listed on EGX by the end of this year after completing the procedures for their merger and preparing it for offering on the EGX, or the offering will be delayed to 2021. Meanwhile, listing Ebtikar on EGX will be by the end of 2021.
MTI supports its core operations with a non-bank financial services (NBFS) arm Ebtikar. It’s jointly owned by B Investments and MTI.
El-Ghannam said that Ebtikar complements MTI’s distribution chain along with offering a great exposure to e-payments through Bee and Masary, micro-finance through Vitas, and mortgage and leasing through Tamweel.
MTI’s investments in its NBFS arm showed some return in 2019, despite being technically operative post the completion of Tamweel acquisition in June 2019. Investment income from Ebtikar rose to EGP 29.6m last year, compared to EGP 2.03m in 2018 (currently contributing c.6.4% of 2019’s attributable bottom line).
