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30th July 2018

Alturki Holding and MTI Group Decide Not to Proceed with the Acquisition of Itisalat International (i2), United Stores Company (URC) and DTR Trading

In March of 2018, a Letter of Intent was signed between Alturki Holding and MTI for the 100% acquisition of one of Alturki Holding’s subsidiaries, Itsalat International Egypt (i2), and its two sister companies United Retail Company (URC) and DTR Trading. After careful consideration from both companies, it was decided not to proceed with the acquisition. Alturki Holding will maintain its ownership and looks forward to continuing its support of i2 and its sister companies.

About Itsalat International Egypt (i2)

i2, is a subsidiary listed under Alturki Holding; was founded in 2004 and has grown to become a Leading Egyptian Retailer and Market Distributor of Wireless Mobile Technology, Consumer Electronics and Telecommunication Services. The company has long standing relationships with its suppliers; including Samsung, Etisalat, Philips, Manta, Alcatel and TCL. i2 handles the distribution of consumer electronics and telecommunications, URC represents the Retail and Care Business, while DMCC is the International Trading arm. The company has a strong distribution reach with over 6,500 active direct points of sale and over 100 retail outlets.

About MM Group for Industry and Trade S.A.E (MTI)
MTI is an Egyptian joint-stock company listed on the Egyptian Stock Exchange (Ticker: MTIE.CA). MTI is one of Egypt’s Largest Distribution Companies by geographic coverage with access to over 40,000 points of sale. MTI operates various Business Lines, including Consumer Electronics, Telecommunication, Automotive, Seamless Pipes, and Tractors through partnerships with Leading Global Brands including Samsung, Vodafone, Huawei, Freetel Japan, Carrier and Bosch.

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