MM Group for Industry and International Trade’s board of directors has approved increasing its contribution to Ebtikar for Financial Investment’s capital by EGP 60 million.
Accordingly, MM Group’s contribution to Ebtikar for Financial Investment’s capital will be raised to EGP 310 million from EGP 250 million, according to a filing to the Egyptian Exchange (EGX) on Tuesday.
In addition, the board also approved opening new branches, the statement added.
The ownership structure of Ebtikar, operating in non-banking financial sector, includes MM Group and B Investments Holdings.
From January to March, MM Group’s net profits soared to EGP 142.97 million from EGP 88.61 million in the year-ago period.