M1 Group

M1 group is a diversified investment holdings group based in Beirut, Lebanon. Its current CEO is Azmi Mikati.^[1]

Origin

The business was created forty years ago by Taha 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,^[2] thereby becoming the first mobile phone corporation for the middle eastern market.

In 2007, the Mikati brothers founded M1 group, which now comprises eight companies:

• M1 limited, which holds a 10% stake in MTN
• M1 real estate based in Monaco which owns real estate assets in Europe, the United States and the Middle East^[3]
• M1 commercial jets who lease commercial aircraft
• M1 travel is the largest shareholder of the Swiss airline Baboo, based in Geneva
• M1 fashion which owns several clothing brands^[4]
• M1 energy, with interests in the Avante Petroleum oil company based in Luxembourg
• M1 capital, which manages the group's financial assets
• M1 industries is in the consumer goods market including dairy produce.

In February 2010 M1 Group acquired 50% of the EFG-Hermes stake in the Lebanese Bank Audi Sal, the largest bank in the country, for $450 million.

References