MM Group for Industry and International Trade (MTI) [MTIE.CA] announced that it has raised its stake in Kanawat Distribution to 62.7%, up from 37.5%, in a transaction worth EGP73.9mn. The acquisition of 21.67% has been completed, while the remaining 3.53% is pending EGX approval. Kanawat Distribution is one of the four authorised distributors of Samsung mobile phones in Egypt. It has also recently entered into an agreement with HMD Global to distribute Nokia phones in the Egyptian market. In 2019, the company is planning to expand its mobile phone retail outlets to 10 branches from two currently. MM Group is expected to consolidate the business in 2019, which should add EGP3bn to the company’s total sales.