M1 Group
 | |
| Company type | Private |
|---|---|
| Industry | Finance, investment |
| Founded | 2007 |
| Founder | Taha Mikati Najib Mikati |
| Headquarters | Beirut, Lebanon |
Key people | Azmi Mikati (CEO) |
| Website | www.m1group.com |
M1 group is a diversified investment holdings group based in Beirut, Lebanon. Its CEO is Azmi Mikati.[1]
Origin
[edit]The business was created in the early 1980s by Taha Mikati and Najib Mikati, the latter of whom became Prime Minister of Lebanon in 2005, 2011 and again in 2021.[2] It began in the construction sector. During the 1980s it expanded into telecommunications and formed the basis of their flagship company Investcom. In 2005, Investcom employed more than 5000 people with a presence in ten countries across three continents. Its gross earnings reached $660 million. When listed on the London Stock Exchange and that of Dubai 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,[3] thereby becoming the first mobile phone corporation for the middle eastern market.
In 2007, the Mikati brothers founded M1 Group, which now comprises:
- M1 limited, which holds a 10% stake in MTN[citation needed]
- M1 Real Estate which owns real estate in Europe, the United States and the Middle East[4]
- M1 Fashion which owns several clothing brands including Façonnable, Pepe jeans and Hackett London[5][2]
- M1 Capital, which oversees the holding's financial assets and portfolios[citation needed]
- M1 Enterprises, which main activity is to invest in various businesses across different sectors[citation needed]
- M1 investments, which focuses on managing the holding's private equity funds[citation needed]
- AREEBA, a financial technology company[citation needed]
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.[citation needed]
Myanmar
[edit]According to a UN-report from 2019, Irrawaddy Green Towers has business interest with the Myanmar military through Mytel,[6] M1 Group, is one of the shareholders along with the International Finance Corporation (IFC) in Irrawaddy Green Towers. The Burma Campaign UK placed M1 Group, along with Google, Apple and many other international companies on their "dirty list", M1 was placed due to being "a major shareholder in Irrawaddy Green Towers, a mobile phone tower company which works for the military joint venture Mytel."[7][8]
After the 2021 Myanmar coup d'état, the Military junta told telecom companies in Myanmar that "they had until Monday July 5 to fully implement intercept technology they had previously been asked to install to let authorities spy on calls, messages and web traffic and to track users by themselves".[9] Under these circumstances Telenor found it impossible to stay in the country, and proposed to sell its Myanmar business to the M1 group for $105 million.[10]
References
[edit]- ^ "M1 Group". Mbendi.com. 25 October 2015. Archived from the original on 28 January 2013. Retrieved 12 November 2015.
- ^ a b "Pepe Jeans passes to M1 Group and L Capital Asia". Sportswearnet.com. Retrieved 12 November 2015.
- ^ The World's Billionaires: #446, Najib Mikati, Forbes, published 5 March 2008, retrieved 7 July 2011
- ^ Lebanese investors buy Credit Suisse’s Canary Wharf office, Property Week, published 7 August 2009, retrieved 7 July 2011
- ^ (in French) Façonnable rachetée par M1 Group, Franchise Magazine.com, published 27 July 2007, retrieved 15 July 2011
- ^ The economic interests of the Myanmar military, Independent International Fact-Finding Mission on Myanmar
- ^ The Dirty List, March 2021, Burma Campaign UK
- ^ About the company M1 Group, Added to the Dirty List 20 August 2019, Burma Campaign UK
- ^ After pressuring telecom firms, Myanmar's junta bans executives from leaving, Fanny Potkin, July 5, 2021, reuters
- ^ Telenor quits Myanmar with $105 mln sale to Lebanon's M1 Group, Victoria Klesty, July 8, 2021, reuters
