Beltone’s major stakeholders sell 11.2% to local, foreign investors

CAIRO – 21 December 2017: Majority shareholders of Beltone Financial Holding sold 11.2 percent to both financial institutions and investors from the U.S., Gulf countries and Egypt, the company said in a Thursday statement to the Egyptian Exchange.

Stating that the decision reflects the desire of foreign investors to increase their contribution in the Egyptian market, Beltone said the decision comes to create more liquidity in light of recent economic reforms to improve the local investment climate.

“Subsequently, Beltone Financial Holding shall have 22.7 percent of shares presented to free float,” it added.

On the other hand, Orascom Telecom Media and Technology Holding (OTMT) announced in a statement as well that the board approves selling 7 percent of its shares in Beltone.

Earlier this morning, OTMT’s board, headed by company CEO Naguib Sawiris, approved acquiring 51 percent of real estate company Inertia Holding Group.

OTMT owns 97.3 percent of Beltone after a LE 650 million bid completed in November 2015.