In a large conference yesterday, the United Media Services Company (UMS) announced its newest board of directors, restructuring and its plans for a possible listing on the Egyptian Exchange (EGX).

As part of its strategy to continue developing media content, the company noted it is planning to list between 20-30 percent on the EGX in 2024.

UMS explained that the offering will help in providing sustainable liquidity to increase its capital and expansion.

Regarding comments on it monopolizing the Egyptian media market, UMS did note it collaborated with five production companies during this Ramadan, with an aim to expand its partnerships.

During the 2021 Ramadan season, UMS saw profits of LE of LE 256 million, compared to LE 45.91 million in 2020, against losses worth LE 469 million in 2017.

UMS revealed its new board of directors, with former Chief Executive Officer of the Arab African International Bank (AAIB) Hassan Abdallah taking the role of the group’s Chairperson alongside board members Ashraf Salman, Tamer Morsi, Mohamed Saadi, Amr El Fekky, and Mohamed Samir.

UMS, formerly known as the Egyptian Media Group, is the Middle East and North Africa (MENA) region’s largest media conglomerate with over 30 subsidiaries. These include newspapers, media production, event management, advertising, and communications agencies.