Founded 2007 | ||
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Subsidiaries M1 Real Estate, M1 Leasing, M1 Travel Ltd., M1 Harvest | ||
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M1 group is a diversified investment holdings group based in Beirut, Lebanon. Its current CEO is Azmi Mikati.
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Origin
The business was created forty years ago by Taha Mikati and Najib Mikati, the latter of whom became Prime Minister of Lebanon in 2005, and again in 2011. It began in the construction sector. During the 1980s it expanded into telecommunications and formed the basis of their flagship company Investcom which was listed on the London Stock Exchange and that of Dubai. In 2005, Investcom employed more than 5000 people with a presence in twelve countries across three continents. Its gross earnings reached $660 million. When floated on the stock exchange on 6 October 2005, it had a market capitalization of $3.3 billion and was among the largest companies in the middle east.
In June 2006, the South African company MTN bought Investcom for $5.5 billion, thereby becoming the first mobile phone corporation for the middle eastern market.
In 2007, the Mikati brothers founded M1 group, which now comprises ten companies at least:
MNM Investments Cold Stone creamery
In February 2010 M1 Group acquired 50% of the EFG-Hermes stake in the Lebanese Bank Audi, the largest bank in the country, for $450 million.