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The board of MM Group for Industry and International Trade agreed to set up a company in Saudi Arabia on Monday.
According to a bourse filing, the EGX-listed company is establishing a firm in the Kingdom to serve and expand the company’s business activities with equity ownership reaching 100 percent.
The cap of the venture company has not been determined yet, but is set to be unveiled after incorporation.
The board chose its CEO and Managing Director, Khaled Mahmoud, or anyone he might authorise to handle the establishment of the new entity.
During the first half of 2023, the company achieved consolidated net profits after tax of 300.75 million Egyptian pounds and net sales of 5.05 billion pounds.
