Cairo - Mubasher: The board of directors of MM Group for Industry and International Trade approved a decision to contribute to the capital increase of Basata Financial Holding, which operates in non-banking financial services.

MM Group will contribute to increasing the capital of Basata by EGP 40 million, raising the contribution limit to EGP 70 million from EGP 30 million, according to a bourse disclosure on Sunday.

During the first quarter (Q1) of 2021, MM Group achieved net profits of EGP 130.24 million, up from EGP 106.64 million in Q1-20, including minority shareholders’ rights.