Egypt: EFG tapped as financial advisor in 2021 IPO of MM Group subsidiary

IPO WATCH- MM Group’s e-payments subsidiary looks to start work on IPO in 1Q2021: An e-payments company recently established by consumer electronics distributor MM Group will begin the process of selling an undisclosed number of shares in an initial public offering on the EGX in 1Q2021, the local press reports, quoting sources close to the matter. EFG Hermes is reportedly quarterbacking the transaction.

MM Group recently completed a merger of two of its payments subsidiaries, Bee and Masary, bringing them under the fold of the unnamed e-payments company that will act as the corporation’s fintech investment arm, said IR Director Ashraf Al Ghannam. MM Group could also potentially sell shares in an IPO for its non-banking financial services arm Ebtikar in 2021, Al Ghannam said earlier this year.