Beltone expects sale of US subsidiary Arabach Grayson to end in 3 months

CAIRO – 28 April 2020: Beltone Financial Holding expected the completion of the sale deal of its US subsidiary Arabach Grayson Company within 3 months taking into account the absence of variables that might affect the deal under the current circumstances.

The company said in a filing to the Egyptian Stock Exchange (EGX) Tuesday that the sale process has not been completed yet, and accordingly, the final value of the deal has not been reached.

It pointed out that this step comes within the framework of the company's strategy that aims to focus mainly on the Egyptian market and the neighboring markets in the investment banking sector, in addition to expanding the non-Egyptian financial services platform that the company started in early 2020.

Beltone emphasized that the move also comes to strengthen the group of financial and non-Egyptian consultancy services for its clients inside and outside Egypt, as well as maximizing the return on the company’s investments and restructuring. The returns of the deal will be used to support its strategy.

Earlier in April, Beltone, along with other investors, signed an agreement to sell the US Auerbach Grayson & Company.

Meanewhile, the company recorded an increase in its consolidated losses during 2019 by 11 percent, reaching LE 91.5 million, compared to LE 82.4 million in 2018.

Beltone Financial operates within the diversified financials sector focusing on investment banking & brokerage. Beltone Financial was established in May 2006.