The MM Group for Industry and International Trade (MTI) is preparing to establish a new electronic payment (e-payment) holding company that would include Bee and Masary under its umbrella.
Ashraf Al-Ghannam, Investor Relations and Business Development manager, told Daily News Egypt, that it is expected during the second half of this year to complete the procedures for establishing a holding company for e-payments within the framework of implementing the merger plan for the company’s electronic payments sector.
Ghannam explained that the merger plan includes maintaining the two brands of Bee and Masary independently for each and developing the volume of business and expansion of each company separately, while the merger would include the two companies’ internal operations , systems, and IT frameworks, as the couple work in the same field and consequently the operational process for them are one.
MTI supports its core operations with a Non-Banking Financial Services (NBFS) arm through its investment in Ebtikar, a jointly owned company by B Investments and MTI Group and invests mainly in e-Payments, through Masary and Bee.
Ghannam said that his company is planning to launch Ebtikar on the Egyptian Stock Exchange, and should start the procedures next year after establishing the new e-payments holding company.
MTI operates through several business lines, namely Consumer and Electronics, Telecom, Automotive and Pipes, and Tractors. Moreover, MTI supports its core operations with a NBFS arm through its investment in Ebtikar (49.9% stake). Ebtikar invests mainly in e-payments, micro-finance, mortgage, and leasing.