Cairo – Mubasher: Ebtikar Holding for Financial Investments, a joint venture (JV) between MM Group for Industry and International Trade and B Investments Holdings, is executing a restructuring plan of its investments to prepare for listing its shares on the Egyptian Exchange (EGX).
Ebtikar transferred the shares of Tamweel Holding for Investment and Tamweel Group pf Companies from Ebtikar to Basata Financial Holding in a non-cash transaction on the EGX, MM Group and B Investments said in two separate bourse disclosures on Sunday.
The Financial Regulatory Authority’s (FRA) approved the transaction as both Ebtikar and Basata have the exact shareholding structure and ownership.
In addition, Ebtikar received the FRA’s approval to transfer the shares of Vitas Misr for Microfinance from Ebtiar to Basata in a non-cash transaction, which will be implemented after obtaining the EGX’s approval.
During the first nine months of 2020, B Investments Holding achieved net profits of EGP 153.55 million, up from EGP 142.74 million in the year-ago period, including minority shareholders’ rights.
MM Group achieved net profits of EGP 299.78 million in the January-September period of 2020, down from EGP 370.05 million in the same period in 2019, including minority shareholders’ rights.