April 4, 2017 / 10:42 AM / 4 months ago

UPDATE 1-Egypt's MM Group sees 80 pct jump in net profit this year

2 Min Read

(Adds chairman comments)

CAIRO, April 4 (Reuters) - Shares in Egypt's MM Group will start trading next Tuesday following this week's placement, in which the company raised 750 million pounds ($42 million) by selling a 30 percent stake to investors.

Chairman Khaled Mahmoud said 2017 net profit was expected to jump 80 pct to more than 400 million pounds from 222 million pounds last year, based on a targeted rise in sales to 7 billion pounds from 5 billion.

He said 50 percent of profits would be returned to shareholders each year and the company would invest 1 billion pounds over the next 18 months to expand its e-commerce, microfinance and consumer operations.

MM Group for Industry & International Trade distributes several international brands in Egypt including Vodafone, Samsung Electronics, Jaguar, Land Rover and Ferrari.

The company set a share price of 5.96 pounds ($0.33) in this week's private and public share offerings, which were more than nine times oversubscribed. ($1 = 18.0000 Egyptian pounds) (Reporting by Ehab Farouk; writing by Dominic Evans; editing by David Clarke)

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