M.M. Group for Industry and International Trade, S.A.E. (CASE:MTIE) agreed to acquire an additional 25.2% stake in Qanawat For Trade and Distribution SAE for EGP 73.9 million on November 11, 2018. M.M. Group will acquire this stake in addition to its already existing stake of 37.5% in Qanawat. At closing, M.M. Group for Industry and International Trade will hold 62.7% stake in Qanawat For Trade and Distribution. The transaction was conditional on approval from the Board of M.M. Group, which was granted on November 11, 2018. On December 5, 2018, M.M. Group for Industry and International Trade completed the acquisition of 21.67% stake in Qanawat For Trade and Distribution and remaining 3.53% is still pending for the approval of Egyptian Stock Exchange. As of February 14, 2019, the Board of M.M. Group approved the acquisition of additional shares of Qanawat For Trade and Distribution SAE. M.M. Group for Industry and International Trade, S.A.E. (CASE:MTIE) completed the acquisition of 25.2% stake in Qanawat For Trade and Distribution SAE on February 17, 2019.