Egypt’s MM Group to acquire factoring company Tamweel by the end of May

M&A WATCH- MM Group to acquire factoring company Tamweel by the end of May: MM Group for Industry and International Trade is planning to complete its acquisition of Tamweel Holding by the end of May in partnership with a group of unnamed investors, Chairman Khaled Mahmoud told the local press. MM Group, which focuses primarily on the distribution of consumer electronics and automobiles, is diversifying into financial services and wants to add factoring, reinsurance and mortgage finance as core business activities. The group launched its microfinance arm, Vitas Egypt, in February 2018; MM controls Vitas through a majority stake in Ebtikar for Financial Investment. It is also planning to launch a consumer finance entity “soon,” the report says.