By: Ahmed Allam

Cairo - Mubasher: The head of the brokerage department at Beltone Financial Holding, which is managing MM Group’s initial public offering (IPO), said that Saudi and Emirati investors accounted for 42% of the requests for the IPO.

Moustafa Abdelaziz added that Egyptian investors dominated 31% of total requests while the remaining shares were distributed as follows: 12% from the US, 7% England, 7% South Aftica, 2% Tunisia, and 1% Lebanon and Switzerland each.

Total requests totalled EGP 5.5 billion, with 900% oversubscription, with a total of 100 subscribers.

MM Group for Industry and International Trade had previously said that it will receive orders for its IPO in the Egyptian Exchange (EGX) at a minimum share price of EGP 6.06, beginning the session of 2 April.

The company indicated that it will issue 100.9 million shares in its IPO, representing 85% of the sold stocks and 25.5% of the company’s issued capital.